Microsoft (MSFT) is swinging higher.
All after crushing earnings. EPS came in at $2.45, as compared to expectations for $2.33. Revenue jumped to $52.86 as compared to estimates for $51.02 billion.
All thanks to growth in its cloud computing and Office productivity software businesses.
“The bottom line is that despite all the concerns that the sky is falling in big tech, the truth is companies still see value in cloud computing and there’s still a huge percentage of workloads that can be moved to the cloud,” said Bob O’Donnell, an analyst for TECHnalysis Research, as noted by Reuters.
Also, for the fiscal fourth quarter, Microsoft finance chief Amy Hood called for $54.85 billion to $55.85 billion in revenue, during a conference call with analysts. The middle of the range, at $55.35 billion, implies 6.7% growth, topping the $54.84 billion, as noted by CNBC.
In after-hours trading, MSFT is up 8.5%, or $23.58 a share.