Microsoft stock fell during trading today, Wednesday, amid pressure on the technology sector, despite the issuance of better-than-expected data revealed by the company yesterday.
Net income decreased to $16.43 billion from $18.77 billion during the same period a year ago, but the company incurred costs of about $1.2 billion during the last quarter of 2022 due to its decision to cut 10,000 jobs and review its equipment and lease contracts.
Excluding certain items, Microsoft’s adjusted earnings were approximately $2.32 per share in the latest quarter of 2022, compared to expectations of $2.29 per share.
The company’s total quarterly revenue was $52.75 billion, compared to expectations of $52.94 billion.
Microsoft’s revenues from the cloud computing unit amounted to about $21.51 billion, an increase of 18% and higher than expectations of $21.44 billion.
The company recorded revenues from the productivity unit and commercial activities that include Microsoft 365 software or known as Office 365, as well as LinkedIn, about $ 17 billion, an increase of 7% from market expectations aimed at achieving revenues of about $ 16.79 billion.
In terms of transactions, Microsoft shares fell at 16:40 GMT, by 1.4%, to $238.7.