Microsoft delivers on cloud performance in blowout quarter, Wedbush says wdaniel@businessinsider.com (Will Daniel)
Microsoft shares are rising after the company notched a blowout quarter, Wedbush analysts say.
Revenues grew 17% year-over-year as the company s cloud computing services outperformed.
Wedbush has raised its price target on Microsoft to $285 per share from $270.
Shares of Microsoft jumped in premarket trading on Tuesday after the company announced a blowout quarter, according to Wedbush analysts.
The Redmond, Washington-based big tech giant continued to benefit from the work-at-home environment in its most earnings release. Revenues shot up 17% year-over-year to $43.1 billion, beating analyst estimates by nearly $3 billion.
Explained: Why Microsoft s Revenue Surged in Fourth Quarter
In the quarter, which saw the debut of a new Xbox console, the company posted a 40 percent revenue increase in the Xbox content and services category, with the overall personal computing division increasing 14 percent over the year before to $15.1 billion.
Microsoft on Jan. 26 announced its fourth-quarter earnings, announcing that the company posted $43.1 billion in revenue, a 17 percent surge over the same period the year before. Net income, additionally, was $15.5 billion, a 33 percent increase over the fourth quarter of 2019. The performance beat expectations, per Investors Business Daily.
Among highlights of the earnings was an 11 percent increase in Office Commercial product and cloud services revenue, while Office consumer products and cloud services were up 7 percent. And revenue from LinkedIn rose 23 percent over the last quarter of 2019.
The Cybersecurity and Infrastructure Security Agency warned of attacks that leverage phishing and email forwarding vulnerabilities as well as one that bypassed multifactor authentication.
The Cybersecurity and Infrastructure Security Agency warned of attacks that leverage phishing and email forwarding vulnerabilities as well as one that bypassed multifactor authentication.