News Formal

Big Tech earnings face more heat as cloud cover fades

  • 📰 Reuters
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Big Tech results reinforced concerns a boom in cloud services is easing, limiting a lucrative source of profit when a slowing economy has hit the companies' other businesses and prompting a bet on artificial intelligence as the next growth driver.

Cloud services had long been a reliable source of earnings for Microsoft and Amazon.

Microsoft's revenue in its so-called intelligent cloud business that includes Azure rose 18% to beat expectations for October to December. But its current-quarter forecast of $21.7 billion to $22 billion was below estimates of $22.14 billion. Amazon finance chief Brian Olsavsky said on Thursday that the company expects slower cloud growth rates for the next few quarters. That echoed Microsoft, which said last week that growth in its Azure cloud-computing business would slow by 4-5 basis points in the March quarter.

As an investor and partner of OpenAI, Microsoft looks well poised, analysts said, but any gains may take time to translate into profits.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

CitadelScandal

Yes

The cloud does not exist, you are just renting a little bit of someone else’s computer. It won’t be any more reliable than a well run server farm but when the cloud goes down you can blame someone else.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Meta mojo is back as earnings surprise sparks share surge, lifts Big TechMeta Platforms Inc shares rose about 23% on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.
Source: Reuters - 🏆 2. / 97 Read more »

Meta mojo is back as earnings surprise powers Big Tech rallyMeta Platforms Inc shares rose about 28% on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion. Sometimes I think they overhire so they can do layoffs when the stock tanks None your feet america
Source: Reuters - 🏆 2. / 97 Read more »

Layoff tracker: Mass layoffs by tech companies big and small hit the Bay AreaPaypal, Alphabet, Salesforce, Meta, Splunk, Stripe. Here's an overview of Bay Area tech companies that have recently executed a mass layoff. Biden’s economy
Source: abc7newsbayarea - 🏆 529. / 51 Read more »