Shares were down as much as 4.2% at $231.97, the lowest since Jan. 4. Microsoft said late Tuesday that Azure cloud-computing sales in the current period will slow by 4 or 5 points — down from the mid-30s percentage-wise at the end of the fiscal second quarter. The business had been a bright spot in an otherwise lackluster earnings report.
The stock fell about 4% to $232.54 at about 9:48 a.m. New York time. Analysts at BMO Capital Markets downgraded their rating on the stock and at least ten other brokerages trimmed their price targets. The stock dropped 29% in 2022, underperforming the Standard & Poor’s 500 Index.adjusted profit in the period ended Dec. 31 of $2.32 a share, while sales rose to $52.7 billion. That compared with average analysts’ projections for $2.30 a share in earnings and $52.
“During the pandemic there was rapid acceleration. I think we’re going to go through a phase today where there is some amount of normalization in demand,” Nadella said in an interview at the World Economic Forum in Davos, Switzerland, earlier this month. “We will have to do more with less — we will have to show our own productivity gains with our own technology.”
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