Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec break down earnings from Tesla, Microsoft and Meta as heard live on Bloomberg Radio and on YouTube.
Microsoft's spending surged to a record high and cloud sales growth slowed, sending the shares down amid investor concerns that it could take longer than expected for the company’s AI investments to pay off. Microsoft shares fell about 5% in extended trading after closing at $481.63 in New York.
Meta Platforms topped projections for quarterly revenue and gave a strong forecast for the current period, boosted by a robust online advertising business that is making it possible for the company to invest in artificial intelligence at record levels this year. The social-media company’s shares jumped more than 11% in extended trading. Meta on Wednesday said first-quarter sales will be $53.5 billion to $56.5 billion, beating the $51.3 billion average analyst estimate.
And Tesla plans to invest about $2 billion into xAI, giving Elon Musk’s artificial-intelligence startup a cash infusion despite a shareholder vote last year that failed to win approval. Its shares rose in extended trading.
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