Microsoft beats earnings estimates on cloud computing
On Tuesday, April 26, Microsoft (MSFT) reported net income of $16.73 billion or $2.22 share for the company’s fiscal third quarter. That was up from net income of $15.46 billion or $2.03 a share in the third quarter of fiscal 2021. Wall Street analysts had projected earnings of $2.19. The company reported revenue of $49.36 billion in the third quarter, compared with $41.7 billion a year earlier. Wall Street was looking for revenue of $49.05 billion. For the fiscal year that starts on July 1 Microsoft forecast double-digit revenue growth. The company’s shares closed up 4.81% on Wednesday, April 27. Microsoft is a member of my Jubak Picks Portfolio where it is up 179.25% from my initial buy on June 4, 2018. As of April 27 I’m raising my target price on Microsoft to $352 a share from the prior $155.
