Shares of Microsoft Reverse Gains After Low Expectation Clouds Upbeat Earnings Results
Jul, 21st 05:02
Shares of Microsoft Corp. rose as much as 4 percent in after-hours trading on Thursday after the technology company reported that it produced much better profit in its fiscal fourth quarter than expected. However, shares returned lower after Microsoft published guidance for the next quarter.
Shares of Microsoft hit an all-time intra-day high of $74.30 on Thursday in regular trading ahead of earnings results before closing at an all-time high of $74.22 per share. Microsoft reported net income of $6.5 billion, or 83 cents a share, on sales of $23.3 billion.
Adjusting for one-time items, the Redmond-based company claimed earnings of 98 cents a share on sales of $24.7 billion for the fourth quarter of its 2017 fiscal year, which ended on June 30. This was well above analysts’ expectations calling for earnings of 71 cents a share on sales of $24.3 billion.
However, for the first quarter of its 2018 fiscal year, which ends on September 30, Microsoft only expects revenue of $23.95 billion, based on the midpoint of its guidance which is in the range from $23.6 to $24.3 billion. Markets, meanwhile, forecast the company to reach $24.18 billion in sales in the September quarter.
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