Shares of Microsoft (NASDAQ:MSFT) gained in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $2.45, which beat analysts’ consensus estimate of $2.24 per share. Sales increased by 7% year-over-year, with revenue hitting $52.86 billion. This beat analysts’ expectations of $51.05 billion.
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Microsoft saw significant gains in several of its segments. For instance, Intelligent Cloud brought in $22.1 billion, which was up 16% year-over-year. Meanwhile, Productivity and Business Processes brought in $17.5 billion, up 11%. However, there was one low point: the More Personal Computing segment lost 9% compared to this time last year, bringing in a still-impressive $13.3 billion.
Overall, Wall Street has a consensus price target of $309.48 on Microsoft stock, implying 12.05% upside potential, as indicated by the graphic above.
