Microsoft Shares Decline Amid Weak Revenue Forecast
Source: newsbytesapp.com Microsoft Reports Slower Growth in Cloud Services Microsoft shares dropped by as much as 5% in extended trading following the company’s fiscal second-quarter earnings report, which revealed slower-than-expected growth in its Azure cloud computing division. Although the tech giant exceeded analysts’ expectations in earnings and revenue, its weaker-than-anticipated forecast for the upcoming quarter concerned investors. In the fiscal second quarter , Microsoft posted earnings per share of $3.23, surpassing the expected $3.11, while revenue stood at $69.63 billion, ahead of the projected $68.78 billion. However, for the fiscal third quarter, Microsoft’s finance chief, Amy Hood, provided revenue guidance in the range of $67.7 billion to $68.7 billion, falling short of the $69.78 billion consensus from analysts. The company’s revenue increased by 12.3% year-over-year, marking its slowest growth since mid-2023, while net income rose to $24.11 billion from $21.87 ...