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Microsoft Corp’s new chief executive got off to a winning start with Wall Street on Thursday as the world's largest software company eased past analysts’ profit estimates despite the pressure of falling computer sales.
Its shares rose almost 3 per cent in after-hours trading to $40.96, keeping the stock at levels not seen since the turn-of-the-century Internet stock boom.
The Redmond, Washington-based company reported quarterly profit of $5.66 billion, or 68 cents per share, compared with $6.05 billion or 72 cents in the year-ago quarter.
The decline was exaggerated by deferred revenue boosting the year-ago figure, and the latest quarter's profit beat Wall Street's average estimate of 63 cents per share, according to Thomson Reuters I/B/E/S.
Sales fell 0.4 per cent to $20.4 billion, meeting analysts' average estimate.
Personal computer sales fell by as much as 4.4 percent in the quarter, according to the two major technology research firms, making the eighth straight quarter of declines as tablets and smartphones gain in popularity.
That decline was likely muted by the end of Microsoft's support for its decade-old Windows XP system in early April, which appears to have prompted many people to buy a new computer.
