2023-04-26 13:28:27 ET
Shares of Microsoft (NASDAQ: MSFT) charged sharply higher Wednesday morning, surging by as much as 8.8%. As of 12:44 p.m. ET, the stock was still up by 8.3%.
The catalysts that sent the tech giant higher were quarterly financial results that easily outpaced expectations.
In its fiscal 2023 third quarter (which ended March 31), Microsoft's revenue grew 7% year over year to $52.9 billion. When factoring out foreign currency headwinds, the growth was an even more robust 10%. The better than expected results carried through to the bottom line, as diluted earnings per share (EPS) rose 10% to $2.45, or 14% on a constant-currency basis.
For further details see:
Why Microsoft Stock Rallied Hard on Wednesday