Microsoft beats revenue estimates on cloud boost
Microsoft Corp. (MSFT) on Thursday reported fiscal fourth-quarter earnings of $13.19 billion.
On a per-share basis, the Redmond, Washington-based company said it had net income of $1.71. Earnings, adjusted for non-recurring gains, were $1.37 per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The software maker posted revenue of $33.72 billion in the period, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $32.73 billion.
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Microsoft shares have climbed 34% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19 percent. In the final minutes of trading on Thursday, shares hit $135.83, an increase of 29 percent in the last 12 months.