While Microsoft will also be affected by any economic slowdown, it has a far more resilient business model. That’s because Microsoft mainly operates in enterprise software, which businesses need to use in good times and bad. While it’s true that a recession could lead to a decrease in business IT investment, the COVID-19 pandemic has also spurred many business to digitize their IT infrastructure much faster than they otherwise would have. That cross-current of headwinds and tailwinds left Microsoft’s recent results on-trend during the March quarter.