Microsoft Corp (NASDAQ:MSFT) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance above analyst estimates.
Microsoft said fiscal third-quarter revenue increased 18% year-over-year to $49.4 billion, which beat the $49.03 billion estimate. The company reported quarterly earnings of $2.22 per share, which beat the estimate of $2.18 per share, according to data from Benzinga Pro.
On the company's earnings call Tuesday night, Microsoft said it expects fiscal fourth-quarter revenue to be between $52.4 billion and $53.2 billion versus the $51.83 billion estimate.
See Also: Microsoft Q3 Earnings Beats Street Expectation by Slight Margin
Analyst Assessment:
- Wolfe Research analyst Alex Zukin maintained Microsoft with an Outperform rating and raised the price target from $330 to $350.
- Deutsche Bank analyst Brad Zelnick maintained Microsoft with a Buy rating and lowered the price target from $390 to $350.
- Stifel analyst Brad Reback maintained Microsoft with a Buy rating and lowered the price target from $380 to $350.
- Wedbush analyst Daniel Ives maintained Microsoft with an Outperform rating and lowered the price target from $375 to $340.
MSFT 52-Week Range: $238.07 - $349.67
The stock was up 3.95% at $280.90 at press time.
Photo: courtesy of Microsoft.
