MSFT Rises On Azure Beat... But Bookings Shrink And Backlog Stalls

What happened: Microsoft (MSFT) reported September-quarter results with Azure revenue growth of 48% in constant currency, beating its own 44-45% guidance, while commercial bookings fell 12% and the $677 billion backlog was flat quarter over quarter. Key numbers: Azure revenue $33.2 billion vs $32.2 billion consensus. Why it matters: The quarter cleared elevated buyside expectations, but shrinking bookings and a flat backlog raise questions about future growth unless new contracts pick up. December-quarter Azure guidance is due on the call, with the Street at about 45%.

MSFT rose on an Azure beat despite shrinking bookings and stalled backlog.

MSFT rose on an Azure beat despite shrinking bookings and stalled backlog. — impact context not separately stored; see What changed.