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Microsoft Records 14% Decline In Net Profit Due To Weak PC Sales

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It booked 50.1 billion dollar in revenue and 17.6 billion dollar in net income during first quarter of 2023. The revenue of Microsoft Cloud was recorded at 25.7 billion dollar, which went up 24 per cent year-over-year

The Microsoft recorded a decline of 14 per cent in its net profit for first quarter of 2023 (July-September period). However, its revenues surged by 11 per cent amid global decline in personal computer (PC) sales.

It booked 50.1 billion dollar in revenue and 17.6 billion dollar in net income during first quarter of 2023.

Chairman and CEO of Microsoft, Satya Nadella said that In a world facing increasing headwinds, digital technology is the ultimate tailwind

“In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way,” said Nadella in a release on 25 October.

The revenue of Microsoft Cloud was recorded at 25.7 billion dollar, which went up 24 per cent year-over-year.

“This quarter Microsoft Cloud revenue was $25.7 billion, up 24% (up 31% in constant currency) year-over-year. We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers,” said Amy Hood, executive vice president and CFO of Microsoft.

The decline in the traditional PC market majorly caused the loss in net profit. The reason behind decline is the global shipments which totalled 74.3 million units during the July-September quarter. This was the year-over-year contraction by 15 per cent, according to the Institutional Deposits Corporation (IDC).

The LinkedIn revenue increased 17 per cent whereas its revenue in Intelligent Cloud was increased 20 per cent to 20.3 billion dollar, said Microsoft. And the revenue in More Personal Computing was 13.3 billion dollar and decreased a bit.

A decrease of 3 per cent was witnessed in its Xbox content and services revenue whereas devices revenue surged 2 per cent.

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Shadowfax Technologies appoints Nitesh Lohiya as the Chief Product Officer

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The addition to the team would help lead the company’s overall product strategy and build scalable, sustainable, and technology-driven products.

Shadowfax Technologies, India’s leading crowdsourced platform for last-mile deliveries, today announced the appointment of Nitesh Lohiya as the Chief Product Officer. The addition to the team would help lead the company’s overall product strategy and build scalable, sustainable, and technology-driven products.

Nitesh comes with a rich domain experience of over 18 years in the industry. In his previous stints, Nitesh has not only led teams to execute successful product cycles, but has also been instrumental in contributing towards the prolific journey of some leading national and international companies. He has held senior leadership positions at eminent firms like  Flipkart, Microsoft and SAP Labs India.

Sharing his thoughts on this new journey, Nitesh Lohiya, Chief Product Officer, Shadowfax Technologies, said, “Shadowfax is perfectly positioned to revolutionize and disrupt the hyperlocal delivery landscape of India with their innovative business models and deep-technology driven platform. The Super-App strategy has the power to fundamentally shift the overall partner ecosystem. I am glad to be associated with the company and be part of its journey in creating opportunities and impacting the lives of millions of partners. My focus will be to catalyse this growth engine and build out scalable, sustainable, and technology-driven solutions which continue to create customer delight.”

Expressing his delight at having Nitesh onboard, Vaibhav Khandelwal, Co-founder & CTO, Shadowfax Technologies, said, “We are growing both vertically and horizontally. In the last two years, we have undergone a major transformation to become the country’s leading tech-enabled delivery partner for all enterprises. Nitesh’s addition to our team is a testimonial to our strategic approach and vision for continued growth and success. His versatile experience will help Shadowfax in taking a step higher in achieving the targeted business goals.”

Shadowfax Technologies aims to create the fastest and most reliable channel for express deliveries through technology, enabling thousands of microentrepreneurs to deliver anything, anywhere, anytime. In one of the recent developments, Shadowfax Technologies launched India’s first delivery SuperApp and has reached a milestone of 1 million deliveries per day.