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Photo: Microsoft

Strength in Microsoft's cloud business helped offset the impact of COVID-19 on computer manufacturing, as the company topped earnings and revenue expectations for the quarter that ended March 31. That's despite a February warning from the company that PC sales would not meet prior estimates.

Why it matters: The tech sector has taken on added importance and value as many other areas of the economy have been shut down or severely impacted by the coronavirus pandemic.

By the numbers:

  • Revenue for the quarter was $35 billion, up 15% from a year earlier and ahead of consensus predictions of around $33.6 billion.
  • Net income was $10.8 billion, up 22%.
  • Per-share earnings were $1.40, compared to analysts' consensus expectations of $1.26, per Yahoo Finance.

What they're saying: "We’ve seen two years’ worth of digital transformation in two months," CEO Satya Nadella said in a statement. "From remote teamwork and learning, to sales and customer service, to critical cloud infrastructure and security — we are working alongside customers every day to help them adapt and stay open for business in a world of remote everything."

However, Microsoft cautioned that "the effects of COVID-19 may not be fully reflected in the financial results until future periods."

The company said it would provide more financial guidance on a conference call with analysts that begins at 2:30 p.m. PT.

Go deeper: Microsoft CEO focused on "new demand" caused by coronavirus

Go deeper

Aug 6, 2020 - Technology

T-Mobile says it's now No. 2 wireless carrier, ahead of AT&T

Illustration: Aïda Amer/Axios

T-Mobile Thursday said it has overtaken AT&T to become the number two wireless carrier in the U.S., ending the second quarter with 98.3 million total subscribers. Shares in T-Mobile surged 7% in after-hours trading.

The big picture: T-Mobile's merger with Sprint, which a federal judge allowed to go forward in February, gave the company a boost, and left the U.S. with only three major national wireless carriers. Verizon is in the lead.

New York Times digital revenue surpasses print revenue for first time

Data: NYT earnings reports; Chart: Axios Visuals

For the first time in its nearly 170-year history, the New York Times made more money from digital products than it did from its print newspaper during a three-month quarterly earnings period, the Times announced Wednesday.

Why it matters: It's a huge milestone for The Gray Lady, which six years ago published a digital "Innovation Report" that detailed the paper's shortcomings in adjusting its business to embrace the digital world.

Ben Geman, author of Generate
Aug 5, 2020 - Energy & Environment

Electric vehicle startup Nikola claims progress but stock plunges

Illustration: Aïda Amer/Axios

Nikola Corp., a company planning to build electric and hydrogen fuel-cell trucks, posted an $86.6 million quarterly net loss Tuesday in what was its first earnings report after going public in June.

Why it matters: Nikola is attracting lots of attention for plans to build a line of semi-trucks, as well as a pickup, in the coming years as it tries to break through in those fledgling markets.