Microsoft Reports Strong Q3 Earnings
Microsoft Corp (NASDAQ: MSFT) reported third-quarter earnings on October 25, 2023, exceeding analysts’ expectations. The company posted earnings per share of $2.22, up 9% from the prior year and surpassing the forecast of $2.18. Revenue for the quarter reached $49.36 billion, an 18% increase year-over-year, exceeding the anticipated $49.03 billion.
Driving this growth, Microsoft’s commercial bookings rose 28%, while cloud sales surged 32%. Notably, the Intelligent Cloud segment, which includes the Azure cloud service, generated $19.1 billion in revenue, marking a 26% increase. Following the report, analysts from Wolfe Research and Citigroup raised their price targets for Microsoft’s stock, reflecting positive market sentiment.
