MICROSOFT HITS RECORD HIGH AS EARNINGS BEAT ESTIMATES
Microsoft’s stock is currently trading at 139.03-higher by 1.91% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.79%. The stock has erased some of its earlier gains after the opening bell.
The tech giant’s stock touched an all-time high today after it reported a better-than-expected fourth-quarter profit on Thursday, thanks to continued sales increases from its cloud business. Microsoft reported EPS (excluding certain items) of $1.37, beating the market expectation by 16 cents. The company brought in 33.72 billion in revenue for the quarter ended 30th June. The revenue was above the consensus estimates of 32.77 billion.
The company stated that its revenue rose 12% in the fourth quarter on an annualized basis. According to market sources, it is the ninth straight quarter of double-digit annualized revenue growth. Stocks of Microsoft have rallied 34% so far this year.
The tech giant forecasted between $31.7 billion and $32.4 billion in revenue across its three business segments in the fiscal first quarter. The midpoint of $32.05 billion was above the consensus estimates of $32.00 billion.
On the technical front, the RSI is currently at 64.61% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 138.97 TAKE PROFIT AT 140.02 STOP LOSS AT 138.45