MICROSOFT SALES AND PROFIT BEAT ESTIMATES ON CLOUD GROWTH
BENAGALURU/SAN FRANCISCO: Microsoft Corp. beat Wall Street estimates for revenue and profit in its first quarter on Wednesday, as more businesses signed up for its Azure cloud computing services and Office 365 software. Microsoft shares have tripled since Satya Nadella became chief executive in 2014 and refocused the company on building data centre software and services. The stock, which has risen more than 21% over the past 12 months, gained 1.9% in after-hours trading following the earnings report. Much of Microsoft’s recent growth has been fuelled by companies moving to the cloud from on-premise data centres, helping it to beat analysts’ profit targets for more than two years. Commercial cloud revenue, which includes Azure sales, hit $8.5 billion, up 47% from the year-ago quarter. The growth margin for that business rose to 62% from 58% in the year-ago quarter and 59% in the prior quarter.
Alphabet Q3 revenue and profit expected to rise
SAN FRANCISCO: Google parent Alphabet Inc. is expected to report a jump in third-quarter revenue and profit, powered by the internet search giant’s digital-advertising business and growth in its cloud division. Sales at the Mountain View, Californiacompany are projected to rise 23% to more than $27 billion, with net income seen climbing to $10.45 a share, according to analyst forecast data compiled by Bloomberg. Any shortfall is likely to weigh on Alphabet’s stock, which has tumbled 18% since reaching a record in July, dragged down by a broader rout in technology stocks amid concerns that global economic growth may be weakening.
Gold hits over 6yr high of ₹32,625 on festive buzz
NEW DELHI: Gold prices rose by another ₹125 to trade at over six-year high of ₹32,625 per 10 gram on Thursday, buoyed by pick-up in festive and wedding season demand by local jewellers amid firm global trends and weakening rupee. Silver, however, remained weak and fell by ₹130 to ₹39,600 per kg due to slackened demand from industrial units. Bullion traders said sentiments also got a boost on firming trend in overseas where gold traded at over three-month high as the dollar eased and equities slumped. Besides, weakness in the local currency also added to investor sentiments. Globally, gold was trading at $1,234.20 an ounce in Singapore on Thursday. In the national capital gold of 99.99 and 99.5 % purity rallied by ₹125 each to ₹32,625 and ₹32,475 per 10 gram, respectively. This is the highest level since November 29, 2012 when the precious metal had closed at ₹32,940 per ten gram.
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