Microsoft, Stock and cloud growth
Digest more
This could be a key moment for anyone interested in buying Microsoft stock.
Shares of Microsoft plunged 12% and software stocks hit a bear market. The S&P 500 edged back from 7,000 as AI spending fears were rekindled.
Microsoft's stock saw its biggest daily decline since 2020 on Thursday after investors were dismayed by its cloud computing business not growing enough.
Microsoft reports revenue of $81.3 billion for the October-December quarter, marking a 17% increase from the previous year.
The company said on Wednesday that revenue in the most recent quarter was $81.3 billion, but its share price dropped more than 5 percent in after-hours trading.
The company lost hundreds of billions in market cap.
Microsoft's stock tumbled more than 12% at the low point of the day to $421 on Thursday, slicing off more than $400 billion in market value.