Jan 26, 2021

Xbox sales boom as virus maintains grip on economy

Microsoft boss Satya Nadella said the firm is benefiting from a long-term shift in behaviour. The pandemic has prompted many firms to switch to remote working, while keeping many entertainment options outside of the home off-limits. The firm said profits in the quarter rose 33% compared with last year to $15.5bn. Its shares - which climbed roughly 40% last year - were up another 4% in after-hours trade,. 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. Profits in the quarter dropped 30% to $622.2m compared with last year, sending the firm's shares lower in after-hours trade.

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