- Microsoft beat on both the top and bottom lines in its first quarter. Shares are trading at a record high on Friday.
The Washington-based company on Thursday reported adjusted earnings per shares of $0.84 versus the $0.72 expected by Wall Street. Revenue was $24.5 billion compared to an expected $23.56 billion.
Shares spiked more than 8% Friday morning, trading as high at $85.72 after the opening bell. The previous record was $79.34, hit earlier this week.
Investors appear to be pleased with the progress Microsoft showed in its all-important cloud computing business. In the just-completed quarter, that business met and exceeded the company’s goal of $20 billion in annualized revenue.
The results led to RBC Capital Market’s Ross MacMillan has raised his target to $88 from $85, citing Microsoft’s cloud successes.
Wall Street now has a consensus target of $89.72 for the stock, according to Bloomberg – 7.14% above where shares were trading Friday morning.
Microsoft is up 34.25% this year.
- Markets Insider