Microsoft Azure tops $100B in annual revenue
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Meta tanks 9%, continuing record losing streak, while Microsoft jumps 14% as AI trade splits
Microsoft posted strong Azure and Copilot growth, while Meta missed revenue guidance forecasts as free cash flow plunged leading to diverging stock moves.
Overall, for the fiscal year ended June 30, Microsoft's revenue increased 18%, or $50.1 billion, to $331.8 billion.
An update to Microsoft's insider trading policy makes clear that employees can use confidential information to inform bets on prediction markets.
Microsoft's gaming unit wants to invest in its Minecraft franchise and expand through partnerships, including in China.
The market seems to be in a "rip up the script every day" kind of mode, Steve Sosnick of Interactive Brokers told Fortune. Unless that changes tomorrow.
Like other big technology companies, Microsoft is hoping its aggressive spending on artificial intelligence is starting to translate into revenue.
US futures rose on Thursday as Microsoft Corp. jumped 9.8% after reporting the fastest cloud unit growth in four years. Top semiconductor companies, like Micron Technology Inc. and Nvidia Corp., rallied as well.