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After-hours buzz: MSFT, ALKS, PYPL and more

People walk past the New York Stock Exchange in New York City.
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Check out which companies are making headlines after the bell on Thursday:

Microsoft saw its stock jump 5 percent after reporting earnings that beat analyst expectations Thursday after the bell. The technology company posted adjusted first-quarter earnings per share of 76 cents on revenue of $22.33 billion. Wall Street expected Microsoft to report earnings of about 68 cents a share on $21.71 billion in revenue, according to a Thomson Reuters consensus estimate.

The company also said it expects to finish its acquisition of LinkedIn and the sale of its entry-level feature phone business in the second quarter of fiscal 2017.

Alkermes stock spiked more than 40 percent after the biopharmaceutical company announced positive results of a third clinical trial of a drug to treat major depressive disorder. The company said it will move forward rapidly to meet with the U.S Food and Drug Administration to determine the appropriate next steps toward a regulatory submission for the drug.

Shares of Paypal rallied more than 2 percent in choppy after-hours trading, following the company's third-quarter earnings report. The payments company met earnings per share estimates of 35 cents, and posted revenues of $2.67 billion, beating estimates for $2.65 billion. It announced another quarter of growth in active customer accounts, the number of transactions processed and total payment volume.

Shares of Skechers fell more than 14 percent in after-hours trade after the company missed expectations for both earnings and revenue. It reported earnings of 42 cents a share, compared to estimates for 46 cents. It posted revenues of $942 million, missing Wall Street expectations of $954 million. Skechers also lowered its fourth-quarter guidance, saying it now sees revenues of between $710 million and $735 million, compared to estimates of $800 million for the quarter.