Microsoft stock (NASDAQ:MSFT) is up after hours on Wednesday as the company reported its latest quarterly earnings results late in the day, which came in well ahead of what analysts were calling for on both the earnings and revenue front.
The Washington-based tech giant said that its net income came in at $8.8 billion, or $1.14 per share for the company’s first quarter of fiscal 2019. The figure marked a 34% increase compared to its year-ago net income, while also topping what analysts were calling for at $7.46 billion, or 94 cents per share, according to data compiled by FactSet.
Microsoft added that for its first quarter of the fiscal year, it raked in revenue of $29.08 billion, which marked a 19% gain compared to its sales from the year-ago quarter. The tech company said that its Intelligent Cloud segment was up 24% compared to the year-ago quarter to $8.6 billion.
Plus, its Productivity and Business Processes brought in revenue of $9.8 billion for the period, while its More Personal Computing segment brought in sales of $10.7 billion. Microsoft’s public cloud adoption has been a boon to its business as its Azure division brought in 76% more revenue than it did during the year-ago quarter.