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Microsoft's Net Profit Increases 30% Due to Coronavirus Pandemic

North America / Business and Finance

Microsoft today announced results for the quarter ended September 30, 2020, compared to the corresponding period last fiscal year.

Microsoft's Net Profit Increases 30% Due to Coronavirus Pandemic

Microsoft has published the results of the first quarter of the fiscal year 2021 ended September 30. During the reporting three months, the corporation managed to earn US $ 37.2 billion, which is 12% more than in the same period last year. At the same time, the corporation's net profit increased by 30% to $ 13.9 billion. All this happened largely due to quarantine restrictions, due to which people began to work and study remotely, as well as play more computer games.

“The next decade of each business’s economic performance will be shaped by the speed of their digital transformation,” said Satya Nadella, CEO of Microsoft.

“Demand for our cloud offerings was a good start to the fiscal year as commercial cloud revenue was $ 15.2 billion, up 31% from last year,” said Amy Hood, executive vice president and chief CFO at Microsoft. “We continue to invest despite significant opportunities for long-term growth ahead of us.”

The quarantine restrictions had the greatest effect on Microsoft cloud services. Revenue for the Azure cloud platform itself was up 48% year-over-year, and for the entire cloud services division, up 20%. The move of office workers to remote working mode spurred sales of Office 365 for business by 21%, and revenue from sales of office applications and cloud services to private clients grew by 13% in the quarter.

Surface notebook and laptop sales are up 37%, which is atypical for a quarter that did not show any of the new products in this series. Due to the quarantine restrictions, Xbox users have more time to play, and this, in turn, means revenue growth for Microsoft - up to 30% at once compared to last year.

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