Written by Staff Writer
22 Apr, 2016 | 6:56 am
Microsoft’s quarterly profit has missed estimates while revenues came basically in line. The firm’s net income fell to $3.76bn in the third quarter from $4.99bn a year earlier. Revenue fell to $20.531bn from $21.729bn.
The international business of Microsoft was hurt by a strong U.S. dollar, as well as declining PC sales. However, its cloud business grew more than expected.
The Phone segment continued to decline by 46%. That drop follows a 49% percent drop by in Q2. Middling sales and lack of a market push for the Lumia 650, Lumia 950, and Lumia 950 XL are not suprpringly resulting in a lower market share for Windows Phone.
Chief Executive Officer Satya Nadella is leading Microsoft in a shift from a company tied to a declining PC market to one that sells cloud services, such as the Azure computing platform and the subscription-based Office 365.
But even growth in the cloud programs wasn’t enough to make up for a PC market that continues to plumb new depths.
Meanwhile Google’s parent company Alphabet also misses profit expectations.
It has reported a 17% rise in quarterly revenue after strong advertising sales on mobile devices.
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