REDMOND, Wash. (AP) — Microsoft on Tuesday reported a 27% increase in profit for the July-September quarter compared to the same time last year, powered by growth in its cloud computing division where it has centered its investments in artificial intelligence.
The company reported quarterly net income of $22.29 billion, or $2.99 per share, which beat Wall Street expectations.
The Redmond, Washington-based software maker posted revenue of $56.52 billion in the quarter, up 13% from last year, also beating expectations.
Analysts polled by FactSet Research expected Microsoft to earn $2.65 per share on revenue of $54.52 billion. Analysts are currently projecting Microsoft will produce revenue of $58.67 billion for the October-December quarter.
CEO Satya Nadella said in a prepared statement that the software company is “rapidly infusing AI across every layer of the tech stack” to drive productivity gains for customers.
Before you consider Microsoft, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Microsoft wasn't on the list.
While Microsoft currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for August 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
