FX.co ★ Microsoft stocks drop amid quarterly report

The US stock markets are always in motion. Since shares of technology companies occupy a special and honorable place among those of other companies, they have a considerable influence on the overall market situation. Microsoft, the largest corporation in the sector, is now pulling down all technology firms.

Several days ago, during the post-market session, shares of Microsoft showed a noticeable decline. According to the data from NASDAQ, the share price slumped by 1.02% to $239.58 amid the publication of a quarterly report. The data became available after the end of the US trade. Thus, traders learnt that in the first part of the 2022-2023 financial year, the net profit of the IT giant tumbled by 13.5% on a yearly basis to $33.981 billion. At the same time, the company’s total revenue increased by 2% to $52.75 billion, whereas analysts had foreseen a rise to $52.94 billion. Notably, it is the smallest quarterly rise since 2016. In this light, diluted earnings per share dropped to $2.2 from $2.48 in the second quarter of the previous financial year. However, a bit later, the share price managed to recoup some losses. Notably, in January, it became known that the company might dismiss about 11,000 employees amid the slowdown in the global economy.