Search and internet giant cites ‘uncertainty’ in ad spending but reports otherwise ‘solid’ performance in core businesses Read More...
Reuters
UPDATE 6-Microsoft soothes market fears with forecast for strong revenue growth
Microsoft Corp on Tuesday forecast revenue this fiscal year would grow by double digits, driven by demand for cloud computing services and sending shares up 5%. The strong outlook shows Microsoft continues to benefit from the pandemic-led shift to hybrid work models and comes at a time when investors are bracing for an economic downturn, with inflation roaring and consumers cutting spending. Bob O’Donnell, an analyst for TECHnalysis Research, said Microsoft’s forecast shows that despite the negative economic trends, companies continue to move more business and work online.
