Microsoft’s stock is up after the company announced results from its June-ending quarter, which were driven by strong sales of its Surface devices and a surging Xbox business. Here are the bullets that tell the tale:
- Revenue was up 17% year-over-year to $30.1 billion.
- Revenue from server products and cloud services was up 23% to $9.6 billion (analysts expected $9.09 billion).
- Revenue from productivity products (consumer and commercial Office software and cloud services, LinkedIn, Dynamics products) grew 13% to $9.7 billion.
- Gaming revenue increased 39% with Xbox software and services revenue growth of 36%.
- Surface revenue increased 25% “driven by strong performance of the latest editions of Surface.”
- Fiscal year 2018 revenue grew 14% to $110.4 billion; full -year operating income grew 21% to $35.1 billion.
Microsoft’s GAAP results include a net benefit of $104 million related to the Trump administrations’s Tax Cuts and Jobs Act. After closing the day at $104.40, the company’s stock price jumped to $106 in after-hours trading after the earnings announcement.
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