Microsoft announced earnings and their cloud Azure business is up +59%
The after-market trading isn’t loving it (stock is about flat from the closing price) because it is a slowdown form +64% last quarter, but 59% is still huge growth for a company of Azure’s size. If I’m reading the annual filing correctly for the year ended on June 30 2019, Microsoft’s cloud business was $39 Billion last year!
That’s billions more being spent on the cloud. Considering that most of the SaaS companies that we are following in only do a couple hundred million $ per year, that sure looks like a lot of, rapidly expanding opportunity out there for them.
Amazon/AWS reports tomorrow after market close. Paypal also had a good report today and is up +10% after hours.
A few good earnings reports can fix a fearful market pretty quick…