Shares of the tech giant rose after a beat on earnings per share for its latest quarter. Adjusted EPS came in at $2.32 per share vs. expectations of $2.30. Revenue came in at $52.75 billion versus Wall Street expectations of $52.93 billion.
The company's intelligent cloud business revenue of $21.51 billion beat the average estimate of $21.43 billion.
“The next major wave of computing is being born, as the Microsoft Cloud turns the world’s most advanced AI models into a new computing platform,” said Satya Nadella, chairman and CEO of Microsoft. The statement is a reference to Microsoft's investment in OpenAI, the maker of ChatGPT.
Texas Instruments (TXN)
Chipmaker giant Texas Instruments had its worst sales decline since 2020, with revenue for its first quarter declining to $4.17 billion, from $4.53 billion.
The company's current quarter prediction for profit is between $1.64 and $1.90 a share, versus an expectation of $1.86.
“As we expected, our results reflect weaker demand in all end markets with the exception of automotive,” CEO Rich Templeton said in the company’s earnings release.
The chip space has been reeling from lower demand and a fall in semiconductor prices as world economies slow down.
Capital One (COF)
Capital One’s fourth-quarter adjusted earnings per share of $2.82 missed the average analyst expectation of $3.79.
Net revenue came in at $9.04 billion versus estimates of $9.01 billion.
"As a result of our investments to transform our technology and to drive resilient growth, we're in a strong position to deliver compelling long-term shareholder value and thrive in a broad range of possible economic scenarios,” said Richard Fairbank, founder, chairman and CEO of the financial firm.
Media mogul Rupert Murdoch has withdrawn its proposal to merge Fox Corp. and News Corp. The companies, one of which focuses on television and the other on print, were separated about a decade ago.
"In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp and FOX at this time," according to a press release.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre