Finance
Microsoft stock gaining ground after earnings
- Microsoft beat on both the top and bottom lines.
- The tech giant said sales growth at its Azure cloud-computing unit slowed.
- Shares were up more than 3% following the results.
- Watch Microsoft trade live here.
Microsoft was gaining ground ahead of Thursday’s opening bell after reporting fiscal first-quarter results that topped Wall Street estimates but included a slowdown in revenue growth from its cloud-computing unit.
Shares were up more than 3% early Thursday after the tech giant said it earned $1.14 a share on revenue of $29.1 billion, beating both the $0.95 and $27.92 billion that analysts surveyed by Bloomberg were anticipating.
And while sales from its Azure cloud-computing unit grew 76% versus a year ago, that was a bit below the 89% pace experienced in the fourth quarter.
“A strong quarter (even after adj for demand pull forward) and a F2Q19 guide that brackets consensus,” a team of RBC analysts led by Ross MacMillan wrote in a note to clients after the results were released on Wednesday.
“Although comps get tougher in F2H19 (especially on gross margins) we continue to see many sustainable growth drivers.” The team reiterated its $124 price target and “outperform” rating.
Microsoft shares had gained 19.5% this year through Wednesday, but were down more than 12% from their October record high of $116.18.
Get the latest Microsoft stock price here.
-
Entertainment6 days ago
Hands-on with the Claude AI app: It’s pleasant to use, but janky
-
Entertainment4 days ago
Apple Watch Series 9 vs. SE: A smartwatch skeptic tested both for 13 days
-
Business6 days ago
Haun Ventures is riding the bitcoin high
-
Entertainment5 days ago
5 essential gadgets for turning your home into a self-care sanctuary
-
Entertainment4 days ago
The greatest films on Prime Video right now
-
Business3 days ago
Google lays off workers, Tesla cans its Supercharger team and UnitedHealthcare reveals security lapses
-
Business4 days ago
Google dubs Epic’s demands from its antitrust win ‘unnecessary’ and ‘far beyond the scope’ of the verdict
-
Business5 days ago
Apple: pay attention to emerging markets, not falling China sales