ByTy Roush,
Forbes Staff.
Microsoft’s stock plummeted on Thursday after the company reported revenue from its cloud-computing unit failed to grow as expected, pacing the tech giant’s worst single-day loss in nearly six years.
Shares of Microsoft plunged by 11.9% to around $424.15 as of Thursday morning, the largest intraday loss for the stock since March 16, 2020.
Microsoft on Wednesday reported quarterly revenue of $81.27 billion and $4.14 earnings per share, surpassing Wall Street’s estimates of $80.3 billion and $3.91 EPS, according to FactSet, though revenue from its Azure unit grew 39% annually, better than the expected 38.4%, but slower than the 40% reported the previous quarter.
