Microsoft Stock Beats Wall Street Expectations with $3B Quarterly Revenue During COVID-19 Pandemic!

Several stock reports from the past and last quarter of 2020 have surfaced and have informed people of the massive increases, including Microsoft, which revealed that it still improved and performed better during the pandemic. COVID-19 has been a massive factor in the downfall of several businesses globally, but it did not stop the technological industry.

The popular multinational technology company, Microsoft, has continued with its expertise and products including software and its licenses, consumer electronics, and its cloud services that helped the company's revenues. The tech company continued to survive the global pandemic's drastic effects on all industries and thrived better compared to 2019.

Microsoft is the mother company of several brands that thrived well during the pandemic, especially with the November release of its anticipated and most advanced gaming console, the Xbox Series S and X. Apart from that, the company has also focused on cloud computing systems that played a very important role during the switch to remote working conditions.

Microsoft's Stock Increase During 2020's COVID-19 Pandemic

Microsoft has released a report that details their journey and growth despite the punishing economy and conditions during the COVID-19 pandemic, which continues to shut down the world of social interactions. The Redmond software giant has mentioned that despite the pandemic, it continued to increase an approximate $3 billion in its quarterly revenue.

Apart from that, the company's total revenue based on the last fiscal year of 2020 increased by 17 percent, with a total of $43.1 billion in earnings in the past year. Operating income is now priced at $17.9 billion which increased by 29 percent, and net income is at $15.5 billion that increased a whopping 33 percent.

The Redmond giant's numbers reflect how much the company grew, and exceeded more than merely maintaining or surviving the COVID-19 pandemic, a sad but evident truth for other companies. Despite the hardships brought by the deadly pandemic, Microsoft is proud to have surpassed it and do well with its products and offers.

Microsoft Stock Performed Better Than Wall Street Expectations

According to CNN, Wall Street's initial predictions for Microsoft and their 2020 performance were less than expected and lowballs the company's projected revenue of the year. However, this is where Microsoft proved them wrong and disregarded their previous expectations of the software company during the pandemic and the past fiscal year.

The company has revealed that it has hit a "three-month sales record," particularly in the last quarter of 2020 that ended on December 31. Most of the company's products ranging from Business Outlook, Cloud Computing services, Microsoft Office Suite, Xbox, etc., have received an exceptional reception from the public and helped the company in its 2020 performance.

Microsoft's Stock: Satya Nadella's 'Second Wave of Digital Transformation'

Microsoft CEO Satya Nadella regarded the pandemic to be the "second wave of digital transformation" which focused on transitioning to remote working or work from home setup of most companies. This method was the only way to be safe from the virus and Nadella regards digital technology to be the currency of every organization's growth.

This article is owned by Tech Times

Written by Isaiah Alonzo