Home Tech Microsoft shares at all-time high with better than expected earnings

Microsoft shares at all-time high with better than expected earnings

by Jonathan Adams

Microsoft shares touched all-time high in after-hours trading on 20 October, after the software giant posted better-than-expected first quarter results.

Net profit rose 6% from a year earlier to $6bn (£4.9bn) for the three months to 30 September, with adjusted earnings coming in at $22.3bn (£18.22bn).

Analysts had forecast revenue to come in at $21.7bn (£17.73bn).

The rise in profits was helped by an 8% jump in cloud revenue to $6.4bn (£5.23bn), with the firm reporting that the use of its Azure cloud computing platform had more than doubled since last year.

The news sent Microsoft shares 6% higher to $60.73 (£49.64) in New York, overtaking its previous peak of $59.97 (£49.02) in 1999 during the dot-com boom.

Amy Hood, chief financial officer at Microsoft said, “Our first quarter results showed continued demand for our cloud-based services”.

“We continue to invest, position ourselves for long-term growth, and execute well across our businesses.”



Important
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more