Gene Munster, Deepwater, joins 'Fast Money' to talk Meta and Microsoft's investor calls after both stocks climb on earnings.
Microsoft (MSFT) and Meta (META) were two of the biggest names reporting earnings on Wednesday. With the expectation that AI would be a prime revenue generator for both, it was estimated they would beat earnings estimates, and they did just that.
Microsoft's global headcount remained steady at 228,000 employees over the past year, but the mix of roles changed notably, reflecting ongoing shifts in the company's workforce.
Microsoft shares jumped in extended trading on Wednesday, pushing the company's market cap past $4 trillion. The software giant reported better-than-expected quarterly results and said Azure's annual revenue topped $75 billion.
CNBC's Steve Kovach joins 'Closing Bell Overtime' with Microsoft earnings.
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The company's results are likely to ease investors' worries that big investments in artificial intelligence aren't paying off.
Microsoft Corp (NASDAQ:MSFT) shares surged afterhours as it impressed investors with its fiscal fourth quarter earnings report, with AI successes driving beats on the top and bottom lines. Revenue was up 18% year-over-year at $76.4 billion, far above Wall Street estimates of $73.8 billion.
MSFT jumps 30% in three months as Q4 earnings loom, with analysts being bullish. MSFX, IXN, IYW and VGT with top exposure draw investor focus.
Microsoft Inc. is scheduled to report earnings after Wednesday's close. The stock just hit another fresh record high just above $518/share and is currently trading near that level.
9:55am: Cautious start Markets opened little changed on Wednesday as investors took in a stronger-than-expected rebound in economic growth and braced for a key Federal Reserve interest rate decision later in the day. The Dow Jones was flat, up just 3 points to 44,636, while the S&P 500 edged up 5 points, or 0.1%, to 6,376.
The three stocks in this analysis all have earnings calls after the bell, which is after the Federal Reserve releases its latest interest rate decision, statement, and follow up press conference.