This quarter, Microsoft Azure's and Google Cloud reported remarkable growth rates of 🔺31% (from 30%) and 🔺28.4% (from 25.6%), respectively, sending their shares soaring in after-hours trading.
🏆 Azure Surpasses Most Optimistic Expectations
Azure's growth accelerated impressively to 31%, surpassing even the most optimistic buy-side expectations of 29-30%. Analysts had anticipated a growth rate of around 28.5%. (MarketWatch)
💎 The Microsoft earnings call (currently ongoing) provided further insights into Azure’s growth.
CEO Satya Nadella revealed that the number of $100 million-plus Azure deals had increased by over 80% year-over-year, and the number of $10 million-plus deals had more than doubled.
📈 Alphabet Inc.'s Market Valuation Surpasses $2 Trillion
Alphabet shares also climbed 14% after hours (CNBC). Google’s Cloud revenue increased to $9.6 billion this quarter, up 28.4%, marking it as a major contributor to this growth.
CEO Sundar Pichai highlighted a "strong performance from Search, YouTube, and Cloud," underscoring the pivotal role of Cloud and AI in propelling the tech industry forward.
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