Microsoft Jumps 6% After Q1 Earnings Beat

is up more than six percent after reporting its first quarter results. The Windows maker reported a Q1 EPS of $0.62 versus the Street estimate of $0.54. Earnings per share were 17 percent from the year-ago period. Revenue arrived at $18.53 billion versus the estimated $17.79 billion. Sales were up 16 percent year-over-year. "Our devices and services transformation is progressing and we are launching a wide range of compelling products and experiences this fall for both business and consumers,” Microsoft CEO Steve Ballmer said in a

. "Our new commercial services will help us continue to outgrow the enterprise market, and we are seeing lots of consumer excitement for Xbox One, Surface 2 and Surface Pro 2, and the full spectrum of Windows 8.1 and Windows Phone devices." "We saw strong focus across our teams, generating record first-quarter revenue even as we navigate a fundamental business transition. Our enterprise renewals were very healthy and our devices and consumer business continued to improve," said Microsoft CFO Amy Hood, who was also quoted in the press release. "We are making strategic investments in areas like technological innovation, supply chain management, and global cloud operations to build for the future and create long-term shareholder value." Year-to-date, shares of Microsoft have risen more than 22 percent. The stock hit $36.27 on July 16 but has hovered in the $32 to $34 range ever since. While the new Surface tablets only went on sale this week, investors have been keeping a close eye on them -- and Microsoft -- ever since Surface 2 and Surface Pro 2 were

on September 23. Microsoft's event may have been somewhat overshadowed by the

announcement regarding

latest tablets and the ongoing rumors regarding what

may release next. Despite the strong competition, the next-gen Surface tablets are expected to command

in 2014. For now, Microsoft is working hard to address the

surrounding the free upgrade to Windows 8. Formerly known as Windows Blue, the new OS is now known as Windows 8.1. Disclosure: