Microsoft (MSFT – Analyst Report) reported its first quarter 2016 results after the closing bell this afternoon. Having topped estimates by an average of 13.12% in each of the last four quarters, Microsoft was looking to continue its run of success.

Coming into today, however, the outlook for the Redmond, Washington-based technology giant didn’t look great. Recent negative earnings estimate revision activity, on top of currency headwinds and a shrinking market for PCs, indicated that this quarter could have been shaky.

Currently, Microsoft has a Zacks Rank #3 (Hold), but we could see movement in the rankings following today’s report. We’ve highlighted some of the key stats from this just-revealed earnings data below:

Earnings: Microsoft beat earnings expectations. Adjusted EPS came in at $0.67, beating the Zacks Consensus Estimate of $0.58. These figures take into account stock option expenses while the exclude non-recurring items. Non-GAAP net income was $5.4 billion.

Revenue: Non-GAAP revenue of $21.7 billion beat the Zacks consensus estimate of $21.230 billion.

Key Note: “We are making strong progress across each of our three ambitions by delivering innovation people love,” said Satya Nadella, chief executive officer at Microsoft. “Customer excitement for new devices, Windows 10, Office 365 and Azure is increasing as we bring together the best Microsoft experiences to empower people to achieve more.”

Stock Price: MSFT was up $3.45, or 7.18%, in after hours trading shortly after its earnings report was released.

 

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