Microsoft’s Shares Surge After Positive Q3 Results
In after-hours trading on Thursday, Microsoft’s shares saw a significant increase following the release of its third-quarter results. The tech giant reported earnings per share of $2.94, exceeding analysts’ consensus estimate and demonstrating strong financial performance.
The company’s sales also impressed, with a 17% year-over-year increase. Revenue for the quarter reached $61.9 billion, surpassing expectations and indicating a healthy growth trajectory for Microsoft.
One standout division for the company was the Intelligent Cloud segment, which includes the popular Azure cloud platform. This division contributed $26.7 billion to revenue and experienced a 31% growth in sales compared to the previous year.
Wall Street analysts have taken notice of Microsoft’s strong performance, giving the stock a Strong Buy consensus rating. The average price target for MSFT stock is $477.41, suggesting a 21.29% upside potential from its current value.
While Microsoft remains a solid investment option, investors may want to consider other opportunities as well. TipRanks’ Top Stocks Portfolio, for example, currently does not include Microsoft as a potential investment option. This portfolio offers a curated selection of top-performing stocks for investors to consider when building their portfolios.
Overall, Microsoft’s Q3 results have impressed investors and analysts alike, signaling continued success for the tech giant in the competitive market landscape.
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