Microsoft crushed expectations for its third quarter as the company saw strong demand among its cloud services. Wall Street was expecting Microsoft to report third quarter earnings of $1.26 a share on revenue of $33.66 billion. CEO Satya Nadella said Microsoft saw strong demand since the company is enabling of remote work, learning and cloud infrastructure. " Simply put, Microsoft saw minimal impact from the COVID-19 pandemic, but the company did note that the full effects "may not be fully reflected in the financial results until future periods. " The demand picture for Microsoft was strong across product lines such as Teams, Azure and Windows Virtual Desktop.
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