Microsoft offers lackluster guidance, says new business growth slowed in December

, revise its hardware lineup and consolidate leases. The charge includes $800 million in employee severance costs.

Revenue in Microsoft's Intelligent Cloud segment amounted to $21.51 billion, up 18% and slightly above the $21.44 billion consensus among analysts polled by StreetAccount. The unit includes the Azure public cloud, Windows Server, SQL Server, Nuance and Enterprise Services. Revenue from Azure and other cloud services, which Microsoft does not report in dollars, grew by 31%, slightly above the estimate of just under 31% that analysts polled by CNBC and StreetAccount had expected.

Hood said she expects Azure cloud growth to slow again in the fiscal third quarter. She said in December it was in the mid-30% range in constant currency in December, and she sees it going down 4-5 percentage points in the fiscal third quarter.shares rose as much as 3% in after-hours trading immediately following Microsoft's announcement, before going negative.

The More Personal Computing segment featuring Windows, Xbox, Surface and search advertising contributed $14.24 billion, representing a revenue decline of 19%. Sales of Windows licenses to device makers declined some 39% year over year, decelerating from a decline of 15% in the fiscal first quarter. Technology industry researcher Gartnerthat during the fourth quarter of 2022 the PC business had its slowest growth since the company started keeping track of the market in the mid-1990s.

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