Skip to content

Microsoft Shares Rise on Upbeat 2023 Sales Growth Forecast

  • Software giant eases concerns about demand, strong US dollar
  • Quarterly results earlier missed analysts’ reduced estimates
Video player cover image
WATCH: Microsoft earnings miss estimates.Markets: The Close.”
Updated on

Microsoft Corp. gave an upbeat sales forecast for the fiscal year that just began, easing investor concerns about growth that had flared up following a lackluster fourth-quarter earnings report. Shares jumped more than 5% in late trading, reversing earlier declines.

On a conference call Tuesday, the software giant said it expects revenue and operating income to increase at a double-digit pace for fiscal 2023, which ends next June. Currency fluctuations will cut sales by about 4% for the year and about 5% in the current quarter, Microsoft executives said, tempering worries that the strong US dollar would have an even bigger impact on the value of overseas sales.