{"id":59098,"date":"2023-11-17T06:00:24","date_gmt":"2023-11-17T11:00:24","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=59098"},"modified":"2023-11-24T10:01:19","modified_gmt":"2023-11-24T15:01:19","slug":"analyzing-microsofts-msft-soaring-success-whats-next","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2023\/11\/analyzing-microsofts-msft-soaring-success-whats-next\/","title":{"rendered":"Analyzing Microsoft\u2019s (MSFT) Soaring Success \u2013 What\u2019s Next?"},"content":{"rendered":"

Shares of<\/span> Microsoft Corporation (MSFT)<\/span><\/a> have been performing exceptionally well lately, with the stock surging more than 12% over the past month. Moreover, it hit a new 52-week high of $376.35 in the previous session. The stock has gained more than 20% over the past six months and nearly 55% over the past year.<\/span><\/p>\n

The rally in the stock kicked off a couple of days after Microsoft reported<\/span> upbeat fiscal 2024 first-quarter results<\/span><\/a>. Since then, the stock has added more than $350 billion to its market capitalization. MSFT is the second-largest component in the S&P 500 with a market cap of $2.796 trillion, behind only<\/span> Apple Inc. (AAPL)<\/span><\/a> at $2.951 trillion.<\/span><\/p>\n

Market research firm Bespoke Investment said that<\/span> MSFT has joined AAPL as the second individual company<\/span><\/a> with a larger market cap than the companies that comprise the Russel 2000 index.<\/span><\/p>\n

Now, let\u2019s discuss the factors that could impact MSFT\u2019s performance in the upcoming months:<\/span><\/p>\n

Solid Financial Performance in the Last Reported Quarter<\/b><\/p>\n

For the fiscal 2024 first quarter that ended September 30, 2023, MSFT reported revenue of $56.52 billion, beating analysts\u2019 estimate of $54.55 billion. This compared to the revenue of $50.12 billion in the same quarter of 2022.<\/span><\/p>\n

Microsoft\u2019s Intelligent Cloud segment, which comprises Azure, public cloud, SQL Server, Visual Studio, Nuance, Windows Server, GitHub, and enterprise services, was up 19.4% year-over-year.<\/span><\/p>\n

MSFT\u2019s Productivity and Business Processes segment posted $18.59 billion, up 13% from the previous year\u2019s period. This business unit comprises Microsoft 365 productivity app subscriptions, LinkedIn, and Dynamics enterprise software. The software company\u2019s gross margin grew 16% year-over-year to $40.22 billion.<\/span><\/p>\n

In addition, the software maker\u2019s operating income came in at $26.90 billion, an increase of 25% year-over-year. Its net income rose 27% year-over-year to $22.29 billion. MSFT posted an EPS of $2.99 versus the consensus estimate of $2.65. This was up 27.2% from the same period last year.<\/span><\/p>\n

As of September 30, 2023, the company\u2019s cash and cash equivalents stood at $80.45 billion, compared to $34.70 billion as of June 30, 2023. Its total current assets totaled $207.59 billion, compared to $184.26 billion as of June 30, 2023.<\/span><\/p>\n

For the fiscal 2024 second quarter, Amy Hood, MSFT\u2019s finance chief, expects the company\u2019s revenue to come in the range of $60.40 billion to $61.40 billion, which implies approximately 15% year-over-year growth.<\/span><\/p>\n

Robust Historical Growth<\/b><\/p>\n

Over the past three years, MSFT\u2019s revenue grew at a CAGR of 14.1%. Its EBITDA and net income improved at CAGRs of 16.7% and 17.5%, respectively, over the past three years. Also, the company\u2019s EPS increased at a CAGR of 18.5%. Its levered free cash flow improved at 15.9% CAGR over the same timeframe.<\/span><\/p>\n

Further, the company\u2019s tangible book value and total assets increased at CAGRs of 25.7% and 14% over the same period, respectively.<\/span><\/p>\n

Rebound In Cloud Spending<\/b><\/p>\n

Revenue from Microsoft\u2019s Azure cloud business surged 29% year-over-year during the September quarter, compared with 26% growth in the fourth quarter. Moreover, Microsoft is<\/span> pulling ahead of its major competitors<\/span><\/a>,<\/span> Amazon.com, Inc. (AMZN)<\/span><\/a> and Google parent<\/span> Alphabet Inc. (GOOGL)<\/span><\/a>, in the race to recover from a two-year slowdown in cloud spending.<\/span><\/p>\n

When multi-decade inflation hit last year, the Fed hiked interest rates, and companies responded by lowering their tech spending as a part of their cost-reduction measures. The inflation has fallen sharply from its peak of 9.1% hit in June last year. The Consumer Price Index (CPI), the most widely used measure of inflation, further showed signs of easing in October.<\/span><\/p>\n

The core CPI, excluding volatile food and energy prices,<\/span> increased 0.2% for the month<\/span><\/a> and 4% year-over-year, lower than the estimates of 0.3% and 4.1%, respectively. Also, the annual level was the lowest in nearly two years and down from 4.1% in September. With declining inflationary pressures, organizations\u2019 cost-cutting efforts have begun to wane, which should bode well for MSFT.<\/span><\/p>\n

According to the latest forecast from Gartner, worldwide end-user spending on public cloud is projected to<\/span> grow by 20.4% to a total of $678.80 billion in 2024<\/span><\/a>, up from $563.60 billion in 2023. Growing business needs and emerging technologies like GenAI drive cloud model innovation.<\/span><\/p>\n

MSFT is \u201cstill helping customers use the Microsoft Cloud to get the most value out of their digital spend, and driving operating leverage,\u201d CEO Satya Nadella said in the latest earnings release.<\/span><\/p>\n

Significant Advancements in AI<\/b><\/p>\n

MSFT has been making several initiatives to infuse generative AI into its software and services.<\/span><\/p>\n

In January this year, Microsoft announced a<\/span> multiyear, multibillion-dollar investment in ChatGPT-maker OpenAI<\/span><\/a>. The agreement marked the third phase of the partnership between the two companies after MSFT\u2019s prior investments in 2019 and 2021. The company is providing its Azure cloud computing infrastructure for OpenAI.<\/span><\/p>\n

Also, Microsoft is adding OpenAI models to its consumer and enterprise software products.<\/span><\/p>\n

In February, the company launched a new, AI-powered<\/span> Bing search engine and Edge browser<\/span><\/a> with built-in support for OpenAI\u2019s ChatGPT. The new Bing search version could deliver better search, more accurate answers, a new chat experience, and the ability to generate content.<\/span><\/p>\n

Further, on March 16, the software maker announced the addition of AI tools to its Office productivity applications and introduced a feature called Microsoft 365 Copilot. The Copilot feature uses next-gen AI to automate and simplify tasks and offer suggestions. MSFT announced that<\/span> Microsoft 365 Copilot in Windows will be available<\/span><\/a> on September 26.<\/span><\/p>\n

Starting November 1, Microsoft 365 Copilot will be generally available for enterprise customers. In addition, this AI-powered Copilot is added to the company\u2019s cybersecurity offerings and GitHub service for software developers.<\/span><\/p>\n

On November 8, MSFT-owned GitHub<\/span> introduced a Copilot assistant<\/span><\/a> that can assist developers in working with their employers\u2019 internal code, priced at $39 per person a month. The new launch might help the company boost revenue in its cloud business unit by taking enhanced advantage of partner OpenAI\u2019s technology.<\/span><\/p>\n

Recovery in the PC Market<\/b><\/p>\n

MSFT reported a 4% growth in sales of Windows operating system licenses to device makers in the last reported quarter, putting an end to a streak of five quarters of year-over-year declines. Amy Hood stated that the PC market has started to stabilize.<\/span><\/p>\n

As per the estimates from Gartner, worldwide PC shipments totaled 64.3 million units during the third quarter of 2023, a decline of 9% from the third quarter of 2022. A 9% decrease in the third quarter compared to a 30% decline in the first quarter.<\/span><\/p>\n

After eight straight quarters of decline, the<\/span> PC market is expected to begin recovery in the fourth quarter<\/span><\/a> of this year. For 2024, Gartner projects the global PC market to witness 4.9% growth, driven by both the business and consumer segments.<\/span><\/p>\n

\u201cThe good news for PC vendors is that the worst could be over by the end of 2023,\u201d said Mikako Kitagawa, Director Analyst at Gartner. \u201cThe business PC market is ready for the next replacement cycle, driven by the Windows 11 upgrades. Consumer PC demand should also begin to recover as PCs purchased during the pandemic are entering the early stages of a refresh cycle.\u201d<\/span><\/p>\n

In September, MSFT introduced<\/span> new Surface computers<\/span><\/a> and revealed details about the release of this year\u2019s version of Windows 11. The company unveiled the Surface Laptop Studio 2 and the Surface Laptop Go 3; both computers will have Microsoft\u2019s revamped Windows 11 OS, which includes its Copilot software. The company could capitalize on the PC market\u2019s expected recovery with these new launches.<\/span><\/p>\n

Favorable Analyst Estimates<\/b><\/p>\n

Analysts expect MSFT\u2019s revenue for the second quarter (ending December 2023) to grow 15.6% year-over-year to $60.96 billion. The consensus EPS estimate of $2.75 for the ongoing quarter indicates an 18.7% year-over-year rise. Moreover, the company has topped the consensus revenue in three of the trailing four quarters and EPS estimates in all the trailing four quarters.<\/span><\/p>\n

Additionally, for the fiscal year (ending June 2024), Street expects MSFT\u2019s revenue and EPS to increase 14.5% and 14.1% year-over-year to $242.69 billion and $11.19, respectively. Also, the software company\u2019s revenue and EPS for the fiscal year 2025 are expected to increase 13.8% and 15.1% from the previous year to $276.22 billion and $12.88, respectively.<\/span><\/p>\n

Bottom Line<\/b><\/p>\n

Microsoft\u2019s revenue and earnings beat analysts\u2019 expectations in the last reported quarter, fueled by its cloud business strength, with Microsoft Cloud revenue up a staggering 24% year-over-year. Further, the software giant continues to make numerous advancements in AI, helping it regain tech leadership.<\/span><\/p>\n

\"With copilots, we are making the age of AI real for people and businesses everywhere,\" said Satya Nadella. \u201cWe are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers,\u201d he added.<\/span><\/p>\n

According to Brent Thill, Jefferies analyst, the<\/span> tailwinds of AI have begun to kick in<\/span><\/a> for MSFT.<\/span><\/p>\n

MSFT\u2019s stock notched a new 52-week high in the previous trading session. The software maker\u2019s early dominance in the realm of AI has been the primary driver of the stock\u2019s impressive gains so far this year, and the stock is expected to surge higher in the upcoming months.<\/span><\/p>\n

According to Bloomberg Intelligence (BI) research, the generative AI market could<\/span> grow at a CAGR of 42%<\/span><\/a> to reach $1.3 trillion by 2032.<\/span><\/p>\n

Given MSFT\u2019s solid financials, high profitability, and optimistic growth outlook, it could be wise to invest in this software stock now.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Microsoft Corporation (MSFT) have been performing exceptionally well lately, with the stock surging more than 12% over the past month. Moreover, it hit a new 52-week high of $376.35 in the previous session. The stock has gained more than 20% over the past six months and nearly 55% over the past year. The […]<\/p>\n","protected":false},"author":41,"featured_media":56864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[32172,32089,9516,33019,33013,33021,32090,33022,33017,33018,32033,33024,33020,32256,33015,33016,33023,33014,33025],"class_list":["post-59098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-alphabet-inc-googl","tag-amazon-com","tag-apple-inc-aapl","tag-bing-search-engine-and-edge-browser","tag-grow-at-a-cagr-of-42","tag-grow-by-20-4-to-a-total-of-678-80-billion-in-2024","tag-inc-amzn","tag-increased-0-2-for-the-month","tag-introduced-a-copilot-assistant","tag-microsoft-365-copilot-in-windows-will-be-available","tag-microsoft-corporation-msft","tag-msft-has-joined-aapl-as-the-second-individual-company","tag-multibillion-dollar-investment-in-chatgpt-maker-openai","tag-multiyear","tag-new-surface-computers","tag-pc-market-is-expected-to-begin-recovery-in-the-fourth-quarter","tag-pulling-ahead-of-its-major-competitors","tag-tailwinds-of-ai-have-begun-to-kick-in","tag-upbeat-fiscal-2024-first-quarter-results"],"yoast_head":"\nAnalyzing Microsoft\u2019s (MSFT) Soaring Success \u2013 What\u2019s Next? - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"MSFT topped Wall Street\u2019s fiscal 2024 first-quarter revenue and earnings estimates. 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