Microsoft stock jumped more than 15% after the United States software major announced its earnings today, while in contrast technology giant Meta saw its shares slump 9% on the back of its results, according to an AFP report.
AP in a report noted that Microsoft’s shares soared 15.2%, beating expectations from Wall Street analysts on the strength of its Azure cloud services business. CEO Satya Nadella said it reflects how customers are using Microsoft to move into artificial intelligence (AI).
Meta’s shares on the other hand slipped after the Facebook, WhatsApp and Instagram parent missed profit targets while logging $42 billion in costs and expenses — up 55% year-on-year (YoY), the AP report added.
Some analysts pointed to how it raised the lower end of its forecasted range for spending on investments this year. Meta’s investors are concerned over profits from the massive investment in AI, it further said.
A Bloomberg report noted that watchers will now keenly await results from Apple and Amazon for indication on how the Magnificent Seven are set to perform. It added that the mega caps have dragged the broader market this year due to increased concerns over multi-million-dollar AI spends.
(This is a developing story, more updates to come…)
(With inputs from Agencies)
