Microsoft is scheduled to report fiscal third-quarter 2019 earnings after the close of regular trading on Wednesday. Executives will discuss the results with analysts on a conference call at 5:30 p.m. Eastern time.Microsoft shares are trading near a record after rallying 34% over the past year.
Sales growth at Microsoft, which is expected to come in at over 11% in the latest quarter, is being driven by the transition to the public cloud as more large businesses offload their servers and data storage. "We continue to believe the shift to the cloud will be additive to Microsoft given a broader portfolio of products with deeper functionality as well as Microsoft's ability to enter new categories where it did not compete previously," wrote Stifel's Brad Reback, who has a"buy" rating on the stock.
"The tide has turned significantly for MSFT on the 'game changing' $10 billion JEDI Beltway cloud deal for the Pentagon with our work in the field indicating this bake-off is now a toss-up and even odds between Bezos and Nadella vs. the slam dunk win for AWS that it appeared to be roughly a year ago," wrote Daniel Ives, an analyst at Wedbush, who recommends buying Microsoft shares.
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