Microsoft posts income, revenue gain in 1st quarter

By Ovunc Kutlu

ISTANBUL (AA) - US-based global tech giant Microsoft saw its income and revenue increase in the first quarter of this year, according to its financial results statement released Tuesday.

Microsoft posted a net income of $18.3 billion in the January-March period, up 9.6% from $16.7 billion in the same period last year.

Revenue increased 7% to $52.8 billion from $49.3 billion during the same period.

Its cloud services saw revenue of $28.5 billion, up 22% year-on-year, said Executive Vice President and Chief Financial Officer Amy Hood.

Following the positive results, Microsoft saw its stock price soar nearly 5.3% to $289.90 per share in after-hours trading after closing Tuesday at $275.42 a share.