Shares of two tech giants are under pressure this morning after posting disappointing financial results after the bell yesterday. Microsoft said its revenue rose by 16 per cent to just over US$65 billion and profit hit $3.30 per share, both beating estimates. But thefor the company’s cloud computing business. Azure revenue grew by 34 per cent in the last quarter, but for the current period the cloud-computing business is on track to expand by less than that., where sales came it at $40.
That was in line with expectations but still a sign of a slowing economy. The goods producing sector shrank by 0.4 per cent from July’s level, but that was offset by a 0.1 per cent expansion in the larger service sector. The flash estimate for September is tracking towards 0.3 per cent growth, the data agency said.Shares in Estee Lauder are getting hammered this morning after the beauty company pulled its guidance for the year and cut its dividend citing weak demand in China.