Microsoft Corporation (MSFT Microsoft Corp MSFT 74.57 +0.76%) stock jumped over 1.3% on Wednesday toward its 52-week high at $74.42 per share. Since January, the stock has increased nearly 20% due to strong performance in its cloud-based services. The stock is poised to break out from an ascending triangle pattern, which could send shares significantly higher to fresh 52-week highs.
During the fourth quarter, Microsoft reported revenue that increased 9.1% to $24.7 billion – beating consensus estimates by $430 million – while earnings per share of 98 cents beat consensus estimates by 27 cents per share. The core driver behind the revenue growth was cloud revenue, which increased 11% to $7.4 billion, driven by 97% growth in Azure cloud-based services, which helped offset weaker revenue in other areas. (See also: Microsoft Could Surpass Amazon in Cloud Computing This Year.)
Microsoft shares have soared nearly 20% this year, but traders will be watching these key breakout levels. …read more
Read more here: Microsoft Stock Approaches Key Breakout Point