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Microsoft Corp beat Wall Street estimates for quarterly results on Tuesday on pandemic-induced demand for the software giant's cloud-based services and gaming consoles as businesses moved to hybrid working and people entertained themselves at home.
Contracts for cloud services provided by Microsoft, Amazon.com Inc's AWS and Alphabet Inc-owned Google Cloud have surged since last year when the COVID-19 pandemic shut offices and schools, pushing more activity online.
Microsoft said revenue from its largest and fastest growing "Intelligent Cloud" segment surged 31% to $17 billion. Analysts had expected a figure of $16.58 billion, according to Refinitiv data.
Revenue growth for Azure, the company's flagship
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