Firm’s earnings were up 15% year-on-year, but Azure’s lower returns resulted in share prices falling by as much as 7%
Microsoft outperformed analyst predictions in its latest quarterly earnings report, revealing on Tuesday that its revenue was up 15% year-over-year. But growth of the company’s closely watched Azure cloud computing services failed to meet expectations and shares in Microsoft fell as much as 7% in after-hours trading.
The company was expected to report steady growth in its fourth quarter earnings report, mostly on the back of its cloud services. Revenue from those services grew 29%, lower than the 30% to 31% that analysts predicted, resulting in a sell-off that exacerbates big tech’s recent market woes.
More Stories
Cancer experts warn of coffee enemas and juice diets amid rise in misinformation
Elon Musk shows he still has the White House’s ear on Trump’s Middle East trip
Millions in west do not know they have aggressive fatty liver disease, study says