Microsoft, a software giant, exceeded estimates for its fiscal third quarter thanks to a strong performance in its cloud computing business. The company’s stock surged in after-hours trading following the earnings report.
For the quarter ended March 31, Microsoft reported earnings of $2.94 per share on sales of $61.9 billion. Analysts had anticipated earnings of $2.82 per share on sales of $60.9 billion. In the same quarter a year ago, Microsoft earned $2.45 per share on sales of $52.9 billion.
After the earnings report, Microsoft’s stock rose more than 4% in after-hours trading to $416.74. However, during the regular trading session on Thursday, the stock had dropped 2.5% to close at $399.04.
Microsoft’s stock is included in two IBD stock lists: Long-Term Leaders and Tech Leaders. It is also one of the Magnificent Seven stocks, indicating its strong performance in the market.
Stay updated on consumer technology, software, and semiconductor stocks by following Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz. More details from the earnings report will be available soon.