Microsoft Corp. reported a fiscal first-quarter profit of $5.24 billion, or 62 cents a share, on revenue of $18.53 billion
During the year-ago period, Microsoft earned $4.7 billion, or 53 cents a share, on $16 billion in sales
Analysts surveyed by FactSet had forecast Microsoft to earn 54 cents a share on $17.8 billion in revenue
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Business sales give Microsoft a boost
Earnings surge on growth in commercial-products revenue
SAN FRANCISCO (MarketWatch) — Microsoft Corp. on Thursday reported fiscal first-quarter earnings that rose more than 11% from a year ago as the software giant delivered results for the first time since Chief Executive Steve Ballmer said he would retire and the company introduced a new business-reporting structure.
Microsoft reported a profit of $5.24 billion, or 62 cents a share, on revenue of $18.53 billion. During the year-ago period, Microsoft earned $4.7 billion, or 53 cents a share, on $16 billion in sales. Excluding $113 million in revenue mostly related to pre-sales of Windows 8.1, Microsoft would have earned 63 cents a share.
Analysts surveyed by FactSet had forecast Microsoft to earn 54 cents a share on $17.8 billion in revenue.
“Our execution is showing signs of strength across the entire business,” said Lisa Nelson, Microsoft’s director of investor relations. “We haven’t missed a beat in terms of sales expectations.”
It was the first time Microsoft delivered quarterly results since the company announced changes in its reporting structure in September. The company now breaks down revenue into to main segments: Devices and consumer, which saw sales rise 4% from a year ago to $7.46 billion, and Commercial, which rose 10% to $11.2 billion in sales.
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Colin Gillis, who covers Microsoft for BGC Partners, said the results show Microsoft continues to benefit from its strength in the business sector, even during what is typically the “lowest bar of the year in terms of [revenue] expectations.”
“The enterprise market is still strong for them,” Gillis said. “And that is going to change much slower that the consumer market.”
Additionally, Microsoft said sales of its Surface tablets reached $400 million during the quarter. It was the first time Microsoft broke out quarterly sales of the Surface, but Nelson said the company sold $850 million worth of Surface tablets in its entire 2013 fiscal year, which ended in June.
Microsoft didn’t say anything new regarding the search for a new CEO to replace Ballmer, who in August said he would retire in the next 12 months.
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