Microsoft Corporation (MSFT) climbed more than 11.50% to a 52-week high of $53.58 on Friday. The move comes on a big volume too with the issue currently trading more than 34 million shares, compared to the average daily volume of 30.19 million shares.
The surge came after the software giant reported yesterday afternoon fiscal Q116 financial results that surpassed estimates.
Revenue in the three months ended September 30 came in at $21.66 billion, yielding EPS of 67 cents. Analysts had been modeling $21.04 billion and 59 cents per share. The tech giant’s strategy to shift to the intelligent cloud is paying off as cloud sales jumped 8% to $5.9 billion last quarter.
Shares of M’soft rose 10.74% to $53.19 in morning trading. The 52-week range for the stock is now $39.72 to $53.58. Shares of the $428.45 billion market cap company have risen 11.12% year-over-year and 5.51% year-to-date.