Microsoft delivered strong earnings, but it wasn’t enough to satisfy Wall Street during an unusually tense time for investors in big tech companies, as worse-than-forecasted results in its artificial intelligence business sent Microsoft shares spiraling.The headlines were strong for Microsoft, which beat forecasts on the top and bottom line: Microsoft reported $2.95 diluted earnings per share in the three-month period ending June 30, checking in just above consensus analyst forecasts of $2.
Yet, shares of Microsoft cratered about 7% following the earnings announcement, already nursing a more than 8% decline over the last three weeks. The slide came as growth in Microsoft’s crucial AI businesses was worse than expected, as its 29% growth in its Azure cloud computing unit fell short of projections of 31%, and sales in its AI-heavy intelligent cloud division was $28.5 billion, below estimates of $28.7 billion.
Microsoft’s after hours share price of below $400 would be its lowest intraday level since May 2, while its 7% slide would be its worst day since October 2022, though after hours trading tends to bring more volatility.Last quarter was easily Microsoft’s highest-grossing one yet, trouncing the prior record of $62.02 billion set in the quarter ending last December and closing out Microsoft’s fiscal year with a bang. Microsoft’s $88.
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