Microsoft's profit declined before executives decided to lay off thousands of workers, but shares gained Tuesday as cloud growth beat expectations.
Microsoft Corp.’s profit declined more than 12% in the holiday season, before executives decided to lay off thousands of workers, but shares gained after its quarterly report Tuesday as cloud growth beat expectations.
Revenue increased to $52.75 billion from $51.7 billion in the holiday quarter of 2022. Analysts on average expected earnings of $2.29 a share on sales of $52.99 billion, according to FactSet. Microsoft announced thousands of layoffs last week, part of a wave of job cuts from Big Tech companies that increased their workforces at a rapid pace in the early years of the COVID-19 pandemic. Wall Street analysts believed the move signaled concerns about revenue growth.
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