Microsoft profits soar as cloud demand continues in pandemic

Microsoft’s profits soared during the first three months of 2021, thanks to ongoing demand for its software and cloud computing services during the pandemic. The company on Tuesday reported fiscal third-quarter profit of $14.8 billion, up 38% from the same period last year. Net income of $1.95 per share beat Wall Street expectations. According to FactSet analysts were expecting Microsoft to earn $1.78 per share on revenue of $41 billion for the fiscal quarter ending in March. The software maker posted revenue of $41.7 billion in the January-March period, up 19% from last year.