Microsoft bulls can breathe a sigh of relief after the software giant surpassed Street expectations on the top and bottom lines after the bell Tuesday.
The company reported fiscal third-quarter revenue of $52.86 billion, up 7% year-over-year and beating expectations of $51.02 billion. Earnings were $2.45 per share, up 10% from last year and ahead of the $2.23 per share projected by analysts.
Shares of Microsoft rose 4.2% to $287 in after-market trading. Even discounting that movement, Microsoft shares have already gained 15% in 2023.
A key factor was Microsoft’s Intelligent Cloud business segment, which includes the Azure public cloud. The segment brought in $22.08 billion in revenue, up 16% year-over-year.
The productivity and business process division, which houses Office, LinkedIn and others, saw revenue jump 11% to $17.52 billion; while the more personal computing segment, featuring Bing, Windows, Surface and Xbox, slid 9% to $13.26 billion.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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