S&P index moderately surges following the strong quarterly results of Microsoft
On Thursday, the S&P index somewhat gained as a result of the tech giant Microsoft reporting its strong quarterly results.
The reported earnings per share of Microsoft was $1.38 on revenue of $33.06 billion for the previous quarter which beat the analyst expectations. According to the analysis done by Refinitv, the analysts estimated an earnings per share of $1.25 and a revenue of $32.23 billion. The company’s cloud business, Azure has given the boost to Microsoft’s strong quarterly performance as well. The stock closed 2% higher.
“MSFT delivered strength across the board with no blemishes and importantly gave stronger than expected December quarter guidance which speaks to an inflection point in deal flow as more enterprises pick Redmond for the cloud,” Dan Ives, an analyst at Wedbush Securities, stated in a note, as reported by CNBC.
The broad index jumped 0.2% to 3,010.29 whereas the Nasdaq Composite added 0.8% to close at 8,185.80. After the electric car manufacturing giant posted positive quarterly earnings, Tesla shares surged more than 17%. PayPal shares jumped 8% after posting strong results for the quarter, too. However, Comcast shares plunged about 2% after reporting and Twitter shares went down 20.8% on results being underwhelming.
(Image source: Microsoft)