Microsoft beat Wall Street’s targets for its fiscal Q3, largely due to its strong cloud computing businesses, causing MSFT stock to rise over 7%. The Redmond-based company earned $2.45/share on $52.9B in sales for the quarter ended March 31. Analysts predicted $2.24/share on $51B in sales. Microsoft’s earnings rose 10% YoY, while sales increased 7%. Cloud sales, specifically, jumped 22%, bringing in $28.5B in Q1. The company also provided higher guidance for the current period.
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Article Name
Microsoft's Strong Cloud Growth Boosts Stock Performance
Description
Microsoft beat Wall Street's targets for its fiscal Q3, largely due to its strong cloud computing businesses, causing MSFT stock to rise over 7%.
Author
Susan Jane
Publisher Name
IBD
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