Microsoft stock soared after hours Tuesday after CFO Amy Hood projected fiscal fourth-quarter revenue that beat Wall Street analysts’ estimates.
Microsoft Corp. shares headed toward their highest prices in more than year in Tuesday’s extended session, after the software giant reported better-then-expected profit and revenue and guided for continued strong results in an uncertain economy….Microsoft Corp. shares jumped 5% in after-hours trading Tuesday after the software giant reported better-then-expected profit and revenue and the Azure cloud-computing platform grew faster than analysts’ projections..Nvidia Corp. NVDA shares jumped more than 2.5% in after-hours trading Tuesday after Microsoft Corp. MSFT executives detailed increased spending on equipment needed to offer artificial-intelligence-powered features to corporate customers. Microsoft reported much higher capital expenditures than expected in its fiscal third-quarter earnings Tuesday afternoon, and executives said in a conference call that they expect the total to grow in the current quarter. “We will continue to invest in our cloud infrastructure, particularly AI-related spend, as we scale to the growing demand driven by customer transformation,” Chief Financial… Nvidia Corp. NVDA shares jumped more than 2.5% in after-hours trading Tuesday after Microsoft Corp. MSFT executives detailed increased spending on equipment needed to offer artificial-intelligence-powered features to corporate customers. Microsoft reported much higher capital expenditures than expected in its fiscal third-quarter earnings Tuesday afternoon, and executives said in a conference call that they expect the total to grow in the current quarter. “We will continue to invest in our cloud infrastructure, particularly AI-related spend, as we scale to the growing demand driven by customer transformation,” Chief Financial Officer Amy Hood said in the call. Hood said that capital expenditures reached $7.8 billion in the fiscal third quarter, more than a billion dollars higher than the $6.57 billion expected by analysts, according to FactSet. Hood also guided for “capital expenditures to have a material sequential impact on a dollar basis driven by investments in Azure AI infrastructure.” Nvidia is seen as a leader in equipment for AI systems, with Chief Executive Jensen Huang saying last month that he expects AI revenue to grow from “tiny, tiny, tiny” to “quite large” in the next 12 months. Microsoft shares were 9% higher in after-hours trading following stronger earnings and guidance than Wall Street expected..
Microsoft MSFT reported fiscal third-quarter profit of $18.3 billion, or $2.45 a share, up from $2.22 a share a year ago. Revenue grew to $52.86 billion from $49.36 billion in the same quarter last year. Analysts on average were expecting earnings of $2.24 a share on sales of $51.02…..Russian Foreign Minister Sergey Lavrov listens as U.N. Secretary-General António Guterres speaks during a Security Council meeting at the United Nations headquarters on April 24, 2023 in New York City.