late on Tuesday that showed some strength in the face of a weak economy, buttressed by a cloud business that hit Wall Street targets for the end of 2022, but it may miss expectations in the current quarter.
“The small miss on Microsoft’s cloud earnings forecast is likely just a reflection of the new economic reality that businesses are facing and not a harbinger of something worse,” said Bob O’Donnell, chief analyst at Technalysis Research.Microsoft’s shares rose 4% initially after the results before reversing course to slip 1% to US$239.58 in after-hours trade. The stock has fallen 18% in the past 12 months.
It forecast third quarter revenue in its so-called Intelligent Cloud business would be $21.7-billion to $22-billion, just below the analyst average forecast of $22.14-billion, according to Refinitiv. In the second quarter revenue from that segment beat expectations slightly at $21.5-billion.The cloud business is under the spotlight again following the viral success of chatbot ChatGPT, which answers general questions in plain language using artificial intelligence.
During the earnings call, CEO Satya Nadella said it was too early to separate out AI contribution from the Azure cloud workloads.
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