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Meta sinks 8%, continuing record losing streak, while Microsoft jumps 15% as AI trade splits
Microsoft shares jumped 15% on Thursday while Meta tanked nearly 8% as investors gave differing verdicts on the two tech giants' earnings.
On Wednesday, Microsoft posted fiscal fourth-quarter revenue that beat analyst estimates and reported 43% growth at its key Azure cloud business, which was also ahead of market expectations.
The company said that it now has over 30 million paid seats for Microsoft 365 Copilot, its AI work assistant, up from more than 20 million as of April, in further signs that parts of its AI investments are paying off.
"Microsoft's strong revenue performance, combined with accelerating Copilot adoption, signals that its $190â¯billion dataâcenter buildout is beginning to deliver returns," Tracy Woo, principal analyst at Forrester, said in a note on Wednesday.
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