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Microsoft exceeds expectations in the third quarter of 2024
See how Microsoft stock surprises with a third-quarter profit increase. Sales are booming thanks to the cloud and AI - everything about the numbers and the market value of the tech giant.
Microsoft exceeds expectations in the third quarter of 2024
The third quarter of fiscal 2024 was extremely successful for Microsoft as the company recorded an increase in profits. Earnings per share rose to $2.94 from $2.45, beating market expectations. Analysts had previously forecast EPS of $2.82. Overall, profits rose by almost a fifth to almost $22 billion.
Microsoft's revenue also saw significant growth, largely driven by the boom in cloud offerings and artificial intelligence (AI). In the third quarter of the fiscal year, sales rose by 17 percent to just under $62 billion, compared to $52.86 billion in the same period last year. In this area, too, Microsoft exceeded the expectations of analysts, who had previously expected sales of $60.83 billion.
Microsoft continues to invest in cloud and AI technologies, which is proving to be a successful strategy. Through partnerships, such as with ChatGPT developer OpenAI, the company integrates AI functions into a variety of its products. The increasing need for computing power for artificial intelligence is also driving Microsoft's cloud business.
On the US stock exchange NASDAQ, Microsoft shares were ultimately 1.82 percent higher at $406.32. With a current market value of around three trillion dollars, Microsoft is currently the most valuable listed company in the world.