Microsoft kicked off tech earnings season and the stock jumped after revenue topped estimates.
Microsoft reported fiscal third-quarter results on Wednesday, and the stock jumped more than 3% on better-than-expected earnings and revenue.Microsoft shares are trading near a record after rallying 34% over the past year. The stock climbed past $130.50 in extended trading, pushing the market cap over $1 trillion.
Azure's revenue surged 73%. Microsoft's commercial cloud business, which includes Azure, grew 41% in the quarter to $9.6 billion. While Azure is still much smaller than rival Amazon Web Service, Stifel analysts say it's growing faster than AWS was at a similar size. Microsoft said on the earnings call that revenue in the fiscal fourth quarter will be $32.2 billion to $32.9 billion. Analysts expected $32.6 billion, according to Refinitiv.
"The tide has turned significantly for MSFT on the 'game changing' $10 billion JEDI Beltway cloud deal for the Pentagon with our work in the field indicating this bake-off is now a toss-up and even odds between Bezos and Nadella vs. the slam dunk win for AWS that it appeared to be roughly a year ago," wrote Daniel Ives, an analyst at Wedbush, who recommends buying Microsoft shares.
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