Microsoft (NASDAQ:MSFT) earnings for fiscal third quarter of 2020 have MSFT stock heading higher after-hours Wednesday. This is due to its diluted earnings per share (EPS) of $1.40 beating out Wall Street’s estimate of $1.26. The tech company’s revenue of $35.02 billion also blows past analysts’ estimates of $33.66 billion.
Check out what else went right in the most recent Microsoft earnings report below.
- Diluted per-share earnings are up 23% from $1.14 in the fiscal third quarter of 2019.
- Revenue is sitting 15% higher than the $30.57 billion reported during the same time last year.
- Operating income of $12.98 billion is a 25% increase year-over-year from $10.34 billion.
- The Microsoft earnings report also has net income coming in at $10.75 billion.
- That’s a 22% jump over the company’s net income of $8.81 billion in the same period of the year prior.
- The company notes that the novel coronavirus had a minimal impact on its business during fiscal Q 2020.
Amy Hood, executive vice president and CFO of Microsoft, said this about the earnings report.
“In this dynamic environment, our sales teams and partners executed a solid third quarter, with Commercial Cloud revenue generating $13.3 billion, up 39% year over year. We remain committed to balancing operational discipline with continued investments in key strategic areas to drive future growth.”
Microsoft will be providing guidance updates in its conference call at 5:30 p.m. Eastern Time today. The call will be available on its website via a webcast.
MSFT stock was up 5% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.