Microsoft Cloud Growth Forecast Bodes Well for Tech Rivals, Too

Reuters2022-01-26

After a brief scare, Microsoft Corp reassured tech investors late on Tuesday that the enterprise internet cloud business category has plenty of room to grow.Shares of the software and services giant ...

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Zivcheah
2022-01-26
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But they rebounded after Microsoft set a growth target ahead of Wall Street's in the current quarter, erasing earlier after-hours losses to trade 3% above the closing price.Executives forecast revenue for Microsoft's Intelligent Cloud unit of $18.75 billion-$19 billion for the third quarter, compared with a Wall Street consensus of $18.15 billion, according to Refinitiv data.\"We believe this can start to change the sentiment tide in tech,\" said David Wagner, Portfolio Manager at Aptus Capital Advisors. 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