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Microsoft Reports Strong Q3 Results

Baystreet - Wed Oct 25, 2023
Microsoft’s (MSFT) stock is up about 4% after the technology giant reported third-quarter financial results that were much stronger than Wall Street analysts had expected.

The strong performance was largely driven by the company’s cloud-computing business.

For Q3, Microsoft reported earnings per share (EPS) of $2.99 U.S. a share, which was well ahead of the analysts’ consensus forecasts of $2.65 U.S. per share.

Revenue in the July through September period came in at $56.52 billion U.S. compared to $54.50 billion U.S. that was expected. The company’s Q3 revenue rose 13% from a year ago.

Microsoft said that its Azure cloud-computing business grew 28% in the quarter, well ahead of the company’s forecast for growth of 25%.

Revenue of $18.6 billion U.S. for the company’s Productivity and Business Processes segment was up 13% from a year ago, and ahead of the $18 billion U.S. that had been forecast.

Looking ahead, Microsoft said that it expects revenue in its Intelligent Cloud business unit to rise 17% to 18% in the current fourth quarter.

The company sees its Azure cloud unit’s Q4 growth at 26% to 27%. For the Productivity and Business Processes segment, Microsoft expects growth of 11% to 12%.

Microsoft also noted that it bought back $3.6 billion U.S. of its own stock in Q3.

The stock of Microsoft has increased 38% this year to trade at $330.53 U.S. per share.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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