Advertisement
Canada markets closed

  • S&P/TSX

    21,947.41
    +124.19 (+0.57%)
     

  • S&P 500

    5,127.79
    +63.59 (+1.26%)
     

  • DOW

    38,675.68
    +450.02 (+1.18%)
     

  • CAD/USD

    0.7308
    -0.0006 (-0.08%)
     

  • CRUDE OIL

    77.99
    -0.96 (-1.22%)
     

  • Bitcoin CAD

    87,328.92
    +1,777.39 (+2.08%)
     

  • CMC Crypto 200

    1,359.39
    +82.41 (+6.45%)
     

  • GOLD FUTURES

    2,310.10
    +0.50 (+0.02%)
     

  • RUSSELL 2000

    2,035.72
    +19.61 (+0.97%)
     

  • 10-Yr Bond

    4.5000
    -0.0710 (-1.55%)
     

  • NASDAQ

    16,156.33
    +315.37 (+1.99%)
     

  • VOLATILITY

    13.49
    -1.19 (-8.11%)
     

  • FTSE

    8,213.49
    +41.34 (+0.51%)
     

  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     

  • CAD/EUR

    0.6787
    -0.0030 (-0.44%)
     

Microsoft Rises on Solid Earnings Beat

Chris Lange

Microsoft Corp. (MSFT) reported fiscal first-quarter financial results after markets closed on Thursday. The company posted $0.76 in earnings per share (EPS) and $22.3 billion in revenue. There were consensus estimates from Thomson Reuters that called for $0.68 in EPS on $21.71 billion in revenue. The same period from last year had $0.67 in EPS on $21.66 billion in revenue.

One of the key highlights from the report was that Azure revenue grew 116% (up 121% in constant currency) with Azure compute usage more than doubling year-over-year.

Also, Microsoft expects to close the acquisition of LinkedIn Corporation and the sale of its entry-level feature phone business in the second quarter of fiscal year 2017.

ALSO READ: The 10 States With the Worst Gun Violence

ADVERTISEMENT

The company returned $6.6 billion to shareholders in the form of share repurchases and dividends in the first quarter of fiscal year 2017. During the quarter, the company announced an 8% increase in its quarterly dividend to $0.39 per share, a new share repurchase program authorizing up to $40 billion in share repurchases, and reaffirmed it is on track to complete its current $40 billion share repurchase program by the end of the year.

Satya Nadella, CEO of Microsoft, commented:

We are helping to lead a profound digital transformation for customers, infusing intelligence across all of our platforms and experiences. We continue to innovate, grow engagement, and build our total addressable market.

ALSO READ: Saudis, China Dump Treasuries; Foreign Central Banks Liquidate a Record $346 Billion in US Paper

On the books, cash, cash equivalents, and short-term investments totaled $136.9 billion at the end of the quarter, versus $113.2 billion.

Shares of Microsoft closed Thursday at $57.11, with a consensus analyst price target of $59.79 and a 52-week trading range of $47.09 to $58.70. Following the release of the earnings report, the stock was up 5.5% at $60.42 in the after-hours trading session.

Related Articles