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By Staff Reporters
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Microsoft (MSFT) – Get Microsoft Corporation Report posted weaker-than-expected fourth quarter earnings as a surging U.S. dollar blunted the impact of overseas demand for its flagship cloud computing division. Microsoft said revenues for Azure, its flagship cloud division, rose 40% from last year, slowing notably from its prior quarter gains in the mid to high 40-percent range as companies pulled back on digital infrastructure spending and the dollar continued its 2022 climb. Overall group revenues rose 12.4% to $51.87 billion for the three months ending in June, Microsoft’s fiscal fourth quarter, missing analysts’ estimates of a $52.45 billion tally and the company’s owned lowered guidance of between $51.94 billion to $54.74 billion. Microsoft’s bottom line rose 2% to $16.7 billion, as adjusted earnings rose 2.7% from last year to $2.23 per share, well shy of the the Street consensus forecast of $2.29 per share. Microsoft had forecast a range of between $2.24 and $2.32 per share in early June.
And, Google’s revenue growth during the past quarter decelerated to its slowest pace in two years as advertisers reined in their spending amid intensifying fears of an economic recession. The regression reported by Google’s corporate parent, Alphabet, is the latest sign that the tailwinds propelling big technology companies during the pandemic have shifted. The array of new challenges facing the industry has already caused the tech-driven NASDAQ composite index to plummet by 26% so far this year. In Alphabet’s case, revenue during the April-June period totaled $69.7 billion, a 13% increase from the same time last year.
On the other hand, Texas Instruments Inc., the maker of chips used in everything from washing machines to satellites, gave a bullish forecast for the current period, countering concern that a slowing economy is hurting demand for electronics. Third-quarter revenue will be $4.9 billion to $5.3 billion. That compares with the $4.94 billion average estimate from analysts. Profit will be as much as $2.51 a share, the company said, ahead of projections.That helped lift the shares 2.6% in extended trading Tuesday and gave a boost to other chip makers, such as Qualcomm Inc.
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Filed under: Alerts Sign-Up, Investing | Tagged: DJIA, google, microsoft, NASDAQ, S&P, Texas Instruments | Leave a comment »
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