Microsoft and Google Earnings

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Microsoft's Q3 earnings were a blockbuster, with the tech behemoth outpacing both earnings and revenue forecasts. Posting a staggering revenue of $56.5 billion, Microsoft outstripped the previous year's Q3 figures of $49.4 billion. Notably, the Intelligent Cloud segment, housing the Azure operations, raked in $24.3 billion, surpassing the anticipated $23.6 billion. The past year has witnessed Microsoft pivot sharply towards AI, underscored by its colossal $10 billion investment in OpenAI, the brains behind ChatGPT. February saw Microsoft supercharging its Bing search engine and Edge browser with generative AI innovations. This relentless AI integration across products has elevated their quality manifold. Moreover, the tech titan has successfully sealed its mammoth $69-billion acquisition deal of Activision Blizzard. This strategic move, marking the most substantial purchase in Microsoft's ledger, propels it to the podium as the world's third most lucrative video game entity.

2. In a stellar Q3 earnings report, Google trumped both earnings and revenue predictions. The tech giant posted a revenue of $64.1 billion, marking a significant rise from last year's $57.3 billion. However, its cloud division proved to be a sore point, failing to meet Wall Street's expectations by generating $8.41 billion against the projected $8.6 billion, triggering a dip in stock value post-announcement. Despite this cloud hiccup, Google's advertising domain showcased its might, raking in a whopping $59.7 billion, beating the consensus estimate of $58.9 billion, as reported by GeekWire. In the realm of generative AI, Google has accelerated its initiatives, apparently nudged by Microsoft's early integration of this technology after its collaboration with AI trailblazer, OpenAI. Playing catch-up, Google has rolled out an array of generative AI tools tailored for both its consumer and enterprise segments.

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4. Headlines

   1. Meta is being sued by 42 state attorney generals for having “addictive” features for children on its platforms.

   2. Cruise has had its self-driving permits revoked by the California DMV.

   _{* This is sponsored content. Count determined as number of unique email addresses in StartEngine’s database as of 10-6-2023.}

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