Microsoft Surging After Q3 Report

Microsoft MSFT released its fiscal third quarter earnings after the closing bell on Thursday. The Redmond, Washington based technology giant reported net income of $5.11 billion or $0.60 per share, versus $5.2.3 billion or $0.61 per share, in the year ago period. This compared to Wall Street analysts' consensus EPS estimates of $0.58. Revenues for the quarter were $17.41 billion, up from the $16.43 billion the company reported in last year's fiscal third quarter. The company offered forward looking statements about its operating expense along with the quarterly earnings results. Microsoft now sees operating expense in a range of $28.3 billion to $28.7 billion for the year ending June 30, 2012. In addition, the company sees operating expense of $30.3 billion to $30.9 billion for fiscal 2013. On Friday, MSFT shares are surging in the wake of the strong results. The stock opened the session higher and has continued to climb. At last check, MSFT was trading up 5.48% to $32.71 on very heavy volume. The stock is now sitting at a new 52-week high. Year-to-date the stock has risen more than 26% amid a strong market rally.