(MENAFN) Microsoft unveiled its third-quarter financial results on Thursday, prompting a notable surge of 5 percent in its shares during extended trading. The software giant exceeded Wall Street expectations, with its robust performance attributed to heightened business demand for its cloud services and artificial intelligence offerings. Earnings per share for the quarter stood at USD2.94, surpassing analyst estimates of USD2.82, while revenues soared to USD61.86 billion, compared to projected revenues of approximately USD60.80 billion.
According to the company's statement, Microsoft witnessed a remarkable 17 percent year-over-year growth in total revenues for the quarter ending March 31. Net income also demonstrated substantial growth, reaching USD21.94 billion, or USD2.94 per share, compared to USD18.30 billion, or USD2.45 per share, recorded in the corresponding quarter of the previous year.
Of particular significance was the performance of Microsoft's Intelligent Cloud segment, which encompasses public clouds such as Azure, Windows Server, Nuance, and GitHub. This segment generated revenue amounting to USD26.71 billion, marking a notable 21 percent increase from the previous year. The reported revenue surpassed analysts' consensus of USD26.26 billion, as per data collected by StreetAccount.
The impressive financial results underscore Microsoft's strong position in the market, fueled by the sustained demand for its cloud services and artificial intelligence solutions. The company's ability to outperform expectations highlights its resilience and adaptability in meeting evolving business needs, further solidifying its standing as a leader in the technology industry. As Microsoft continues to innovate and expand its offerings, investors remain optimistic about its growth prospects and future performance in the market.
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