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Microsoft shares fall on slowdown in cloud business
04:49
US
Microsoft shares fall on slowdown in cloud business
Shares in Microsoft fell on Tuesday after it reported a slowdown in parts of its business, despite heavy investments in artificial intelligence. The tech giant's earnings beat market expectations with more than $56B in revenue, but its latest report showed a slowdown in growth for its cloud service, Azure. It also laid out an aggressive spending plan to expand data centres to support A-I. Google-parent Alphabet on the other hand, rose in after hours trading, as second-quarter profits exceeded expectations- partly thanks to the steady demand for its cloud services as well as growth in ad revenue. The earnings reports come at a time when tech firms are heavily invested in the AI arms race.
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