Microsoft results top Wall Street targets, driven by AI investment
by ETtech.com
ETtech.com— Microsoft beat Wall Street estimates for third-quarter revenue and profit on Thursday, driven by gains from adoption of artificial intelligence across its cloud services, and the company's shares jumped more than 4% in extended trade. Executives forecast ranges for current quarter cloud revenue that were mostly above Wall Street targets. The rise in Microsoft shares after the bell lifted the company's stock market value by $128 billion as profit and revenue growth overshadowed its...
Fast Company—Alphabet and Microsoft earnings show AI is still Wall Street gold. After Meta’s stock meltdown late Wednesday afternoon and Thursday, the tech sector is roaring back in after-hours trading on the strength of strong earnings reports from Alphabet, Microsoft, and Snap. Snap shares were up more than 30% after its earnings release, and Alphabet was up 13%. Microsoft shares, meanwhile, jumped 5.5%. There were numerous reasons for the surges. Alphabet announced its first-ever dividend (of 20 cents per share) and a $70 billion stock buyback. And Snap gave...
Fortune—Elon Musk has turned Tesla into a meme stock as he tells Wall Street to value the EV maker like an AI company, top economist says. "The fundraiser, cheerleader, and coach for teams developing real technologies has become a meme-stock carnival barker."
ETtech.com—AI investments: Alphabet, Microsoft earnings show hefty AI bets are driving growth. Alphabet and Microsoft ignited a rally in technology stocks on Friday with earnings that showed big AI investments were driving growth, allaying doubts that their costly bets would take time to pay off after a soft forecast from Meta Platforms. Alphabet rose 10%, crossing $2 trillion in market value with a gain of about $180 billion as it sweetened the pot for investors with its maiden dividend and a $70 billion stock buyback. The world's fourth most valuable firm flirted with the milestone on...