Shares of Microsoft Corporation (MSFT) slipped more than 10% on Thursday morning, even though the software behemoth beat expectations for revenue and profit, as investors worried about slower cloud acceleration and heavy AI spending.
MSFT is currently trading at $429.84, down $51.79 or 10.75%, on the Nasdaq. The stock opened at $439.86 after closing Wednesday at $481.63. The stock has traded between $344.79 and $555.45 in the past 52-week period.
Microsoft's second-quarter earnings came in at $38.458 billion, or $5.16 per share. This compares with $24.108 billion, or $3.23 per share, last year. Excluding items, Microsoft Corporation reported adjusted earnings of $30.875 billion or $4.14 per share for the period.
The company's revenue for the period rose 16.7% to $81.273 billion from $69.632 billion last year.
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