Microsoft results announced

Microsoft Corporation (NASDAQ: MSFT) recently overtook Apple Inc. (NASDAQ: AAPL) as the largest company in the world, reaching $3.036 trillion market cap. On Tuesday, the company announced its latest financial results. Let’s see how the company performed.

The US tech giant reported revenue that exceeded Wall Street expectations at $62.02 billion for FY24 Q2 (up by 18% year-over-year) vs. $61.141 billion estimate.

Earnings per share (EPS) reached $2.93 vs. $2.771 per share expected. EPS was up by 33% vs. the same period the year before.

Company overview

• Founded: 1975
• Headquarters: Redmond, Washington
• Number of employees: 221,000
• Industry: Technology
• Key people: Satya Nadella (CEO), Amy Hood (CFO)

CEO and CFO commentary

“We’ve moved from talking about AI to applying AI at scale. By infusing AI across every layer of our tech stack, we’re winning new customers and helping drive new benefits and productivity gains across every sector,” Satya Nadella, CEO of the company highlighted what’s driving the business in a press release.

Amy Hood, CFO of Microsoft, also chipped in to emphasize what helped the company achieve the high level results in the previous quarter: “Strong execution by our sales teams and partners drove Microsoft Cloud revenue to $33.7 billion, up 24% (up 22% in constant currency) year-over-year.”

Stock reaction

Shares were flat at market close on Tuesday, trading at $408.49 a share. There wasn’t much movement in the stock in the after-hours following the latest resulst were announced. One to watch at the open on Wednesday.

Stock performance

• 5 day: +2.43%
• 1 month: +10.17%
• 3 months: +20.85%
• Year-to-date: +8.66%
• 1 year: +64.88%

Microsoft stock price targets

• Wedbush: $450
• Piper Sandler: $455
• BNP Paribas: $471
• BMO Capital Markets: $420
• Mizuho: $450
• Argus: $430
• Tigress Financial: $475
• Royal Bank of Canada: $390
• Evercore ISI: $432
• Barclays: $425
• HSBC: $413
• Citigroup: $432

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Sources: Microsoft Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap