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What did the pandemic mean for Microsoft? A 44 percent jump in profits

Added 04-27-21 05:04:03pm EST - “One thing we've learned over the past year: the COVID-19 pandemic has been awful for humanity, but a boon to all of the tech company's we're relying on. That's truer than ever for Microsoft, which announced a 19 percent increase in…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “What did the pandemic mean for Microsoft? A 44 percent jump in profits”. Below is an excerpt from the article.

One thing we've learned over the past year: the COVID-19 pandemic has been awful for humanity, but a boon to most big tech companies. That's truer than ever for Microsoft, which announced a 19 percent increase in revenues for the third quarter ($41.7 billion), compared to last year. Even more impressive, the company's profits jumped by 44 percent to reach $15.5 billion. Microsoft narrowly beat out Wall Street analyst expectations, who projected it would hit $41.05 billion in revenues during the quarter, according to Yahoo Finance.

The reason for Microsoft's success isn't hard to figure out. Information workers are relying more on the company's cloud and digital services more than ever, a trend that won't slow down until they start returning to offices. (And it's unclear if office attendance will ever return to the Before Times.) Microsoft says its Azure business revenues are up 50 percent compared to last year, while its overall Intelligent Cloud revenues are up 22 percent (reaching $15.1 billion). 

“Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” Microsoft CEO Satya Nadella said in a statement. “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform.”

There weren't many downsides for the company during the quarter. Its More Personal Computing segment, which includes Windows, Xbox and Surface devices reached $13 billion (up 19 percent). And while Microsoft didn't reveal specific Xbox sales figures, it said console sales were up 232 percent compared to last year. No surprise there: Everyone is still trying to nab an Xbox Series X and S. 

It was a subtle yet significant shift in the way the BBC and ITV report political stories. The state broadcaster and its commercial rival would ordinarily shy away from confirming newspaper reports that had been categorically denied by Downing Street. Yet in the case of Boris Johnson allegedly declaring that he would rather see “bodies pile high in their thousands” than order a third lockdown, both appear to have made an intriguing exception. On Monday, the Prime Minister completely rebuffed claims he had made the controversial remark last autumn after agreeing to a second lockdown – answering “no” when asked if he uttered the comment. It came after he had earlier branded the reports “total, total rubbish”. Yet that did not stop both the BBC and ITV leading their evening news bulletins by citing sources who contradicted the rebuttal of the high-vis jacket-wearing PM, pictured below.

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