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Xbox sales boom as virus maintains grip on economy

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Summary | 5 Annotations
Microsoft has reported booming demand for its Xbox gaming consoles as the pandemic continues to lift the fortunes of the American tech giant.
2021/01/27 13:38
Microsoft boss Satya Nadella said the firm is benefiting from a long-term shift in behaviour."What we have witnessed over the past year is the dawn of a second wave of digital transformation sweeping every company and every industry," he said.Xbox sales jumped 40% in the three months to 31 December while Azure services soared 50%.
2021/01/27 13:38
Microsoft's gaming business topped $5bn in quarterly sales for the first time ever due to gaming subscriptions and sales as well as new consoles.The firm said profits in the quarter rose 33% compared with last year to $15.5bn.
2021/01/27 13:38
"These were blow out numbers that will be another feather in the cap for the tech sector as the cloud growth party is just getting started," said Dan Ives, an analyst at Wedbush Securities.
2021/01/27 13:38
But the gains enjoyed by tech firms like Microsoft stand in contrast to the ongoing struggles seen in other industries such as hospitality, retail and travel.Coffee chain Starbucks on Tuesday said its sales in the last three months of 2020 fell roughly 5% compared to 2019, driven by a drop in business in the US where concerns about Covid-19 have prompted authorities to urge people to stay at home.
2021/01/27 13:38