Microsoft shares rise after results exceed estimates

Microsoft reported that its cloud business continued to grow at a steady pace in the first quarter, but restructuring costs related to the mobile-phone business it acquired from Nokia weighed heavily on earnings.

The computer giant posted a profit for the three months ended 30 September of $4.54bn, down from $5.24bn in the corresponding period 12 months ago, with a decline of 11 cents per share due to job cuts and restructuring plan, while revenue rose 25% year-on-year to $23.2bn.

Analysts polled by Thomson Reuters estimated earnings of 49 cents a share and revenue of $22.02bn.