Microsoft issued a disappointing revenue forecast for the current quarter in its earnings call on Tuesday, causing a reverse in the stock price after the shares initially rallied on better-than-expected earnings for the December quarter.
The technology company saw a dropoff in business at the end of 2022 in core Windows and Office areas, CEO Satya Nadella told analysts on a conference call.
Here’s how the company did:
- Earnings: $2.32 per share, adjusted, vs. $2.29 per share as expected by analysts, according to Refinitiv.
- Revenue: $52.75 billion, vs. $52.94 billion as expected by analysts, according to Refinitiv.
Microsoft called for $50.5 billion to $51.5 billion in fiscal third quarter revenue, which works out to 3% implied growth, while analysts polled by Refinitiv had expected $52.43 billion. Amy Hood, the company’s finance chief, said the PC market will contract again, which should lead to a roughly 17% year-over-year decline in the More Personal Computing business segment that…
Read the full article here
