Microsoft, Meta
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Microsoft dropped 10%, shedding more than $350 billion in market value after its cloud business failed to impress, while Meta gained 10%.
Big AI spending is fine. It just needs a timeline for profits.
The Big Tech earnings reporting season kicked off this afternoon with Meta, Microsoft and Tesla releasing quarterly results after the closing bell. Follow our live coverage here.
It turns out investors are willing to forgive huge capital spending if a company's core business is thriving.
Investors reacted in sharply different ways on Thursday to the latest quarterly results from Meta Platforms and Microsoft. The Facebook parent’s share price jumped 9%, mostly thanks to a very strong forecast showing revenue growth picking up speed.
Microsoft shares tumble as Azure revenue growth slows, while Meta rises even after the Facebook parent ramps up its spending plans.
The Big Tech rivals are spending more than ever, but analysts are more concerned about Microsoft at the moment.