Jim Cramer: Microsoft Is Firing on All Cylinders
reported earnings after the bell Wednesday. And it was for good reason.
Microsoft saw its stock soar after reporting an earnings beat. The company reported earnings per share of $1.40 on revenue of $35.021 billion.
Driving the beat was strong results in its Azure cloud services division. “In this dynamic environment, our sales teams and partners executed a solid third quarter, with Commercial Cloud revenue generating $13.3 billion, up 39% year over year," Microsoft CFO Amy Hood said in the earnings release.
Microsoft benefitted from growing cloud infrastructure needs as a majority of the world continues to stay at home, heightening needs for remote work and teamwork solutions. “We’ve seen two years’ worth of digital transformation in two months. From remote teamwork and learning, to sales and customer service, to critical cloud infrastructure and security,” Microsoft CEO Satya Nadella said.
Despite no or very little impact from the coronavirus pandemic so far, Microsoft said COVID-19 could still have a negative result going forward. “The effects of Covid-19 may not be fully reflected in the financial results until future periods,” the company conceded.
Microsoft stock was up around 1% following the opening bell Thursday.