Shares of Microsoft (NASDAQ:MSFT) jumped in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $2.99, which beat analysts’ consensus estimate of $2.65 per share.
Sales increased by 12.8% year-over-year, with revenue hitting $56.5 billion. This beat analysts’ expectations by $1.95 billion. Microsoft’s Intelligent Cloud Segment saw a 19% boost, registering over $24.3 billion. The result beat Wall Street’s expectations of $23.6 billion for the segment.
Microsoft’s Productivity and Business Processes segment also raked in $18.6 billion in revenue, a 13% increase, which beat analysts’ expectations of $18.3 billion. In addition, its Personal Computing Segment exceeded forecasts, recording $13.7 billion in revenue against a predicted $12.9 billion.
Will MSFT Stock Go Up?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 25 Buys, three Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average MSFT price target of $399.42 per share implies 20.53% upside potential.
