Fiscal first-quarter revenue at Microsoft's Azure cloud business rises 29%, while Google Cloud revenue misses forecasts. Boeing, Meta Platforms, and IBM are...
Stock futures were falling Wednesday, led lower by tech shares following mixed earnings from Microsoft and Google parent Alphabet. The parade of corporate results continues Wednesday with reports from Boeing, Meta Platforms, and International Business Machines.Microsoft ‘s fiscal first-quarter revenue jumped 13% to $56.5 billion and beat Wall Street’s expectations. Revenue in the company’s Azure cloud business rose 29%, ahead of the pace set in the previous quarter.
Visa narrowly topped earnings and revenue estimates in its fiscal fourth quarter, driven by a continued post-pandemic rebound in international travel. The payments company said it expects “high single-digit to low double-digit” revenue growth next fiscal year and “low-teens” growth in adjusted earnings per share. Shares declined 0.9%.
Shares of Snap were rising 1.8% in premarket trading after the parent of Snapchat reported a third-quarter loss that was narrower than expected and revenue of $1.19 billion that beat analysts’ expectations. Daily active users were 406 million versus the 405.8 million estimate. Stride reported a fiscal first-quarter profit of 11 cents a share, while analysts were forecasting a loss of 37 cents. Revenue in the period rose nearly 13% to $480.2 million.
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