Microsoft, Alphabet results spark rally in megacap stocks

A strong outlook from Microsoft Corp and resilient Google ads sales from Alphabet sparked a relief rally on Wednesday in heavyweight technology and growth shares that have powered the stock market for the past decade.

Microsoft rose 3.8 per cent after the company said it targets double-digit growth in fiscal revenue, easing worries about the impact of soaring prices and slowing growth, even as it missed estimates for fourth-quarter results. All eyes will now be on ad revenue at Facebook owner Meta Platforms due later in the day after disappointing results from Twitter Inc and Snapchat's owner Snap Inc last week sparked a selloff in social media and ad tech firms.

Meta shares rose 2.4 per cent, while Apple Inc and Amazon.com Inc, which are slated to post reports on Thursday, firmed 2.5 per cent and 2 per cent, respectively.

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Microsoft soothes market fears with forecast for double-digit revenue growth:Microsoft Corp on Tuesday forecast revenue this fiscal year would grow by double digits, driven by demand for cloud computing services and sending shares up 6 per cent.The strong outlook shows Microsoft continues to benefit from the pandemic-led shift to hybrid work models and comes at a time when investors
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