US technology giant Microsoft Corporation (NASDAQ: MSFT) released the latest financial results for the quarter ended March 31, 2023, after the market closed in the US on Tuesday.
Company overview
The results
Microsoft reported revenue that beat analyst estimates at $52.857 billion (up by 7% year-over-year) vs. $51.019 billion.
Earnings per share also topped expectations at $2.45 per share (up by 10% year-over-year) vs. $2.239 per share estimate.
Company commentary
Satya Nadella, chairman and CEO of Microsoft commented on the rise of AI and highlighted company’s focus on the software: ”The world’s most advanced AI models are coming together with the world’s most universal user interface – natural language – to create a new era of computing.”
”Across the Microsoft Cloud, we are the platform of choice to help customers get the most value out of their digital spend and innovate for this next generation of AI.”
Amy Hood, executive vice president and CFO highlighted Microsoft Cloud’s revenue for the quarter which increased year-over-year: ”Focused execution by our sales teams and partners in this dynamic environment resulted in Microsoft Cloud revenue of $28.5 billion, up 22% (up 25% in constant currency) year-over-year.”
Share of Microsoft were down by -2.25% on Tuesday at $275.33 before the results were announced.
The stock rose by around +4% in the after-hours trading as results beat estimates.
Stock performance
Microsoft price targets
Microsoft Corporation is the 3rd largest company in the world with a market cap of $2.050 trillion, according to CompaniesMarketCap.
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Sources: Microsoft Corporation, TradingView, MarketWatch, MetaTrader 5, TipRanks, CompaniesMarketCap, Wikipedia
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