News Summary: Microsoft 1Q profit, sales top views

News Summary: Microsoft 1st-quarter profit, revenue beats Street

Associated Press

EARNINGS BEAT: Microsoft posted fiscal first-quarter results that topped expectations with earnings up 17 percent at $5.24 billion, or 62 cents per share, topping the 54 cents expected by analysts. Revenue rose 16 percent to $18.53 billion, also beating the $17.79 billion expected.

SURFACE GAINS: Microsoft's Surface tablets took in $400 million in revenue, the first figures the company has reported on the device. However, profitability in the segment housing Surface fell as the units are currently still sold at a loss.

SHARE ACTION: Wall Street welcomed the earnings beat, sending shares up almost 6 percent in extended trading.

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