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Microsoft stock drops over 6% after results fall short in AI disappointment
Microsoft shares fell more than 6% after disappointing cloud revenue results.
Microsoft ( MSFT) announced its fiscal fourth quarter earnings after the bell on Tuesday, beating on the top and bottom line, but missing on Cloud revenue expectations, sending shares of software giant tumbling following the report. According to UBS Global Research analyst Karl Keirstead, Microsoft has also been grabbing more market share from Google and Amazon. “In terms of share shifts among AWS, Microsoft Azure, and Google Cloud, the most consistent theme in this round of checks was the number of customers and partners that cited share gains by Microsoft resulting from its early lead on the AI front,” Keirstead wrote in a recent note about the three major cloud players.
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