September earnings reports today from Alphabet and Microsoft made it clear that the two tech giants are better insulated than some of their smaller peers from the vagaries of the world economy. It’s a reminder that despite all the regulatory and political doubts about big tech companies, their businesses continue to grow at an impressive pace.
It’s difficult to decide which one of the two companies had the better quarter. Microsoft’s growth rate is continuing to accelerate—revenue grew 22% in the quarter, following a steady ramp-up through the previous fiscal year from 12% growth a year ago. Its operating profit margin improved by two percentage points to 45%. The results are a testament to Satya Nadella’s management and Microsoft’s expansion in the cloud.
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