Microsoft shares hit high as cloud business flies above estimates
- 8 years ago
Microsoft Corp. shares soared to a record high Friday after the software giant reported first-quarter sales and earnings that topped analysts’ estimates, buoyed by growing demand for cloud-based software and services.
Shares of Microsoft rose as much as 6.2 percent to $60.79 in after-hours trading.
They later pared gains to $60.43, still adding nearly $25 billion to its market value.
The company's shares have doubled since August 2013 with Chief Executive Satya Nadella restoring investor confidence by focusing on mobile and cloud computing rather than PCs.
Shares of Microsoft rose as much as 6.2 percent to $60.79 in after-hours trading.
They later pared gains to $60.43, still adding nearly $25 billion to its market value.
The company's shares have doubled since August 2013 with Chief Executive Satya Nadella restoring investor confidence by focusing on mobile and cloud computing rather than PCs.