Microsoft Corporation (NASDAQ: MSFT) on Thursday reported revenue and earnings that beat analysts’ estimates, sending the stock to a new all-time high.
The tech giant posted revenue of $24.54 percent in the first quarter of its 2018 fiscal year, topping analysts’ estimate of $23.56 billion. Excluding certain items, the company earned 84 cents per share in the quarter ended September 30. Analysts polled by Thomson Reuters had projected earnings of 72 cents per share.
“This quarter we exceeded $20 billion in commercial cloud ARR, outpacing the goal we set just over two years ago,” said Satya Nadella, chief executive officer at Microsoft. “Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform.”
The better-than-expected earnings were boosted by strong growth in its cloud businesses, including products such as Office 365, Dynamic 365 and the flagship Azure computing platform. Competing with Amazon’.com Inc.’s (NASDAQ: AMZN) Amazon Web Services (AWS), Azure’s revenue rose 90 percent year over year.
“Our strong start to the fiscal year reflects the impact of our continued investment in product innovation and sales capacity to capture expanding market opportunities,” said Amy Hood, executive vice president and chief financial officer at Microsoft.
Microsoft’s shares jumped as much as 7 percent to $84.37 in the early trading on Friday. The stock has gained over 35 percent year-to-date.