Microsoft reported strong earnings for its fiscal third quarter, thanks to the robust performance of its cloud computing business. The company’s stock soared in after-hours trading following the earnings report.
In the quarter ended March 31, Microsoft earned $2.94 per share on sales of $61.9 billion, exceeding analysts’ expectations of $2.82 per share on sales of $60.9 billion. This was a significant improvement from the same quarter a year ago when 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, indicating its strong performance in the market. It is also one of the Magnificent Seven stocks, a group of seven stocks that have consistently outperformed their peers over time.
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
