Microsoft MSFT, +0.16% on Tuesday reported fiscal third-quarter earnings of $15.46 billion, or $2.03 a share, up from $1.40 a share a year ago, with profit buttressed by a $620 million net income-tax benefit. Without that tax gain, Microsoft would have reported earnings of $1.95 a share, still ahead of estimates. Revenue for the quarter was $41.7 billion, up from $33.06 billion in the same quarter last year.
Microsoft shares have largely been trading at or near record highs for months, amid strong gains for personal-computer sales, collaboration software and cloud-computing adoption during the COVID-19 pandemic.
Microsoft’s “Productivity and Business Solutions” segment, which includes Office and other cloud-software products, reported revenue of $13.6 billion, up from $11.74 billion a year ago. Analysts on average expected sales of $13.49 billion, according to FactSet. In the “More Personal Computing” segment, which includes Windows as well as Xbox and Surface revenue, Microsoft reported revenue of $13 billion, up from $11 billion a year ago. Analysts on average projected revenue of $12.
“In many cases, we are seeing enterprises accelerate their digital transformation and cloud strategy with Microsoft by 6 to 12 months as the prospects of a semi-remote workforce for the foreseeable future looks here to stay and Redmond hits its next stage of growth in the cloud,” Wedbush analyst Dan Ives wrote in a preview of the earnings report last week.
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