Microsoft crushed expectations for its third quarter as the company saw strong demand among its cloud services. Commercial cloud revenue was $13.3 billion, up 39% from a year ago.
The company reported third quarter net income of $10.8 billion, or $1.40 a share, on revenue of $35 billion, up 15%.
Wall Street was expecting Microsoft to report third quarter earnings of $1.26 a share on revenue of $33.66 billion.
CEO Satya Nadella said Microsoft saw strong demand since the company is enabling of remote work, learning and cloud infrastructure. He said that Microsoft has “seen two years’ worth of digital transformation in two months.”
Simply put, Microsoft saw minimal impact from the COVID-19 pandemic, but the company did note that the full effects “may not be fully reflected in the financial results