Microsoft, a software giant based in Redmond, Washington, exceeded analysts’ expectations for its fiscal third quarter, driven by a thriving cloud computing business. The company reported earnings of $2.94 per share on sales of $61.9 billion for the quarter ending on March 31, surpassing the expected earnings of $2.82 per share on sales of $60.9 billion according to FactSet. This marked a significant improvement from the year-ago quarter when Microsoft earned $2.45 per share on sales of $52.9 billion.
Following the positive earnings report, Microsoft’s stock surged more than 4% in after-hours trading to reach 416.74. Despite a 2.5% decline in the regular trading session, with the stock closing at 399.04, the strong earnings report boosted investor confidence in the company. Microsoft stock is included in two IBD stock lists: Long-Term Leaders and Tech Leaders, highlighting its ongoing success and growth in the industry.
As more details from the earnings report emerge, it is clear that Microsoft’s performance in the cloud computing sector played a significant role in its success during the quarter
