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Microsoft lost $357 billion in market cap as stock plunged most since 2020
Microsoft shares slid about 10% on Thursday following an earnings report that disappointed some investors, prompting the stock's sharpest daily decline since March 2020.
The move trimmed the technology company's market cap by $357 billion, leaving it at $3.22 trillion by the end of Thursday trading.
The iShares Expanded Tech-Software Sector exchange-traded fund tumbled 5% on Thursday, while the technology-heavy Nasdaq Composite index finished the day down 0.7%. Not all of technology went down, though.
Meta shares spiked 10% after impressing analysts with robust results and quarterly revenue guidance on Wednesday.
The all-important growth statistic for Azure and other cloud services came in at 39%, below StreetAccount's 39.4% consensus. The company called for about $12.6 billion in fiscal third-quarter revenue from the More Personal Computing segment that includes Windows, lower than StreetAccount's $13.7 billion consensus, and the implied operating margin for the new quarter also came up short.
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Stock market today: S&P 500, Nasdaq fall as Microsoft leads tech lower with Apple earnings on deck
US stocks fell Thursday but pulled back from a steeper tech-driven sell-off, as investors came away from megacap tech earnings fretting about AI spending.
The tech-heavy Nasdaq Composite (^IXIC) led losses, shedding roughly 0.7% as a plunge in Microsoft (MSFT) shares dragged on the index. The S&P 500 (^GSPC) shed 0.2%, while the Dow Jones Industrial Average (^DJI) turned slightly positive.
Microsoft's slide deepened Thursday, with shares falling over 10% after its earnings report spooked investors with higher-than-anticipated capital spending and a slowdown in quarterly cloud sales growth.
That took some of the wind out of Meta's (META) earnings performance. Shares gained over 10% thanks to a surprisingly strong quarterly revenue outlook. And the company said it plans to spend up to $135 billion on its data center build-out this year, a boost to its push to win the AI race.
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