Blockbuster earnings releases are showing that big technology companies can enjoy the best of both a world in lockdown and one free from Covid shackles.
For Microsoft, unveiling revenue ahead of Wall Street expectations for a tenth consecutive quarter should help to allay concerns that the software group’s good fortunes have been thanks solely to the lockdown-induced bump in technology spending. Revenue for its fourth quarter was up 21 per cent to $46.2 billion and adjusted earnings per share of $2.17 was ahead of market expectations.
That’s just as well. Microsoft is priced for higher growth than many of its Big Tech peers, including Apple, Amazon and Facebook, and has an enterprise value of 23 times next 12 months’ earnings before interest, tax and other
