Image source: liorpt © 123RF.com
Microsoft did not disappoint investors and shareholders with its earnings report for the second quarter.
The company announced diluted earnings per share of $1.38, which surpassed the initial market forecasts of just $1.25 per share.
Thus, on a year-to-year basis, the company's stock earnings registered a 21 per cent increase, as the EPS for Q2 of 2018 was at $ 1.14.
Additionally, Microsoft reported revenue of $33.1 billion, which amounts to a 14 per cent surge on an annualized basis.
The company’s performance surpassed the initial forecasts in this regard as well, since the prevailing market projections expected the revenue to reach only $32.23 billion.
The company’s predominantly positive results were attributed to the applicability of Microsoft’s software, such as The Cloud, which is now a preferred service by multiple companies across many different sectors.
According to Satya Nadella, chief executive officer of Microsoft:
“The world’s leading companies are choosing our cloud to build their digital capability. […] We are accelerating our innovation across the entire tech stack to deliver new value for customers and investing in large and growing markets with expansive opportunity.”
Microsoft’s share price opened Thursday’s trading session with a +1.50 per cent gap, on the news.
The share price is currently trading at around 139.35, which is just at the 8-day Simple Moving Average.
Despite the overwhelmingly positive earnings report, the surge in the share price (for the time being) did not manage to break out above the historical resistance at 141.50, which likely indicates waning bullish sentiment.
Should the price of MSFT successfully break below the minor support at 136.32 within the next few trading days, the long-term distribution range would be confirmed, and the doors would be then opened for the price to test the strength of the range’s lower-borderline.
MSFT 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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