Microsoft sales top estimates amid flurry of cloud wins

Microsoft Corporation’s cloud computing business fuelled quarterly sales and profit that topped analysts estimates, boosted by several new deals with large corporate clients.

Revenue rose 14 per cent from a year earlier to $30.6 billion in the quarter ended March 31, the Redmond, Washington-based company said Wednesday in a statement. Analysts on average projected $29.9 billion. Net income was $8.8 billion, or $1.14 a share, compared with an average analyst estimate of $1 a share.

The fiscal third quarter featured a flurry of large brands, particularly in retail, signing agreements to use Microsoft’s Azure cloud software. Clients included grocer Kroger Co, Walgreens Boots Alliance Inc and oil company Exxon Mobile Corp.