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MICROSOFT drop after earnings and sales drop 17%

|Includes: Microsoft Corporation (MSFT)

Microsoft share fell 6.9% to $23.82 in heavy volume. The company's fiscal fourth-quarter net income fell to $3.05 billion, or 34 cents a share, from $4.3 billion, or 46 cents a share, in the same period a year earlier. Revenue fell 17% to $13.1 billion.

Analysts polled by Thomson Reuters had pegged earnings at 36 cents a share on $14.37 billion in revenue.

Ahead of the late session, U.S. stocks jumped, helped by upbeat corporate earnings reports and news that U.S. sales of existing homes rose for a third straight month in June.

Thursday its fiscal fourth quarter net income fell to $3.05 billion, or 34 cents a share, from $4.3 billion, or 46 cents a share in the same period a year earlier. Revenue in the period ended in June fell 17% to $13.1 billion, Microsoft said. Wall Street analysts had expected Microsoft to post fourth-quarter earnings of 36 cents a share on $14.37 billion in revenue, according to data compiled by Thomson Reuters.