Google's cloud division saw muted third quarter growth and narrowing profit margins as Microsoft's rival Azure appeared to grab more market share.
shares slumped lower in pre-market trading after disappointing gains in its cloud computing division offset an otherwise solid set of third quarter earnings from the tech and ad giant.
Search and other revenues rose 11% to $44.03 billion while YouTube ad sales rose by an impressive 12.4% to $7.95 billion, and came in just ahead of Street forecasts. Google cloud revenues, however, were only up were up 22.5% at $8.41 billion. That was not only the slowest growth rate in more than two years but also notably shout of the 29% pace recorded by Microsoft's
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Microsoft Gets Another Leg Up on Google in AI RaceGoogle’s cloud business slows and weighs on earnings, while Microsoft’s Azure shakes off slump
Read more »
Microsoft earnings on deck with AI boost, Azure cloud growth in focusMicrosoft MSFT shares moved higher in pre-market trading ahead of the tech giant's first quarter earnings after the closing bell. Microsoft, which effectively fired the starting gun on this year's AI frenzy with a $10 billion investment in ChatGPT creator OpenAI, is likely to provide ...
Read more »
Google-parent Alphabet's cloud division misses revenue estimates, as Microsoft’s cloud boomsGoogle-parent Alphabet's cloud division misses revenue estimates, as Microsoft’s cloud booms
Read more »
Stock Market Today: Dow Futures Rise; Bitcoin JumpsEarnings seasons heats up again, with Microsoft and Google parent Alphabet among the companies reporting
Read more »
S&P 500 futures slip as Google parent's slump offsets Microsoft advanceJamie Chisholm is a markets reporter based in London.
Read more »
Microsoft, Alphabet, Texas Instruments, Teladoc, SunPower, Boeing, Meta, and More MoversFiscal first-quarter revenue at Microsoft's Azure cloud business rises 29%, while Google Cloud revenue misses forecasts. Boeing, Meta Platforms, and IBM are...
Read more »