Microsoft Reports Higher Q3 Profit
Technology bellwether Microsoft (NASDAQ: MSFT) released its fiscal third-quarter earnings results after the closing bell on Thursday.
The company missed both Wall Street earnings and revenue estimates, but the stock was last trading up almost two percent in the after-hours as Microsoft lowered its expense outlook.
The company reported net income of $6.06 billion or $0.72 per share, compared to $5.11 billion or $0.60 per share, in last year's third-quarter. On an adjusted basis, Microsoft earned $0.65 per share. This missed analysts' consensus EPS estimates of $0.68.
Revenue for the period rose to $20.49 billion from $17.41 billion in last year's corresponding period. On an adjusted basis, which is comparable to analysts' consensus, Microsoft reported revenue of $18.83 billion for the third-quarter. This also missed Wall Street analysts' consensus revenue estimates of $20.56 billion.
Looking ahead to fiscal 2013, the company lowered its operating expense guidance to a range of $30.2 billion to $30.5 billion from its previous range of $30.3 billion to $30.9 billion.
Microsoft also provided preliminary fiscal 2014 operating expense guidance of $31.6 billion to $32.2 billion, which represents four percent to six percent growth from the company's mid-point fiscal 2013 operating expense guidance.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.