Microsoft and Google are seeing skyrocketing demand for their cloud-based services from companies who are shifting to hybrid work models.
Microsoft said revenue from its cloud sector grew 31% to $17 billion, which exceeded analyst expectations of around $16.58 billion.
Additionally, revenue for the companies’ flagship cloud computing business Azure grew 48%.
The company’s overall revenue, which was predicted to be around $43.97 billion, grew from $37.15 billion to $45.32 billion during the first quarter of 2021 to the end of September.
Google saw its advertising revenue grow to $53.1 billion during the third quarter due to people spending more time online. Even more, its parent company Alphabet saw sales increase to $65.1 billion, beating the average estimate of $63.336 billion.
