In the most recent quarter, cloud-computing revenue growth for Microsoft Corporation (MSFT stock) slowed, indicating that even large technology corporations are not immune to the present storm in the financial environment. In the aftermath of Microsoft’s disclosure, a number of software equities, including Snowflake, Salesforce, and ServiceNow, have dropped.
MSFT Stock Decline
In premarket trading on Wednesday, shares of Microsoft ( NASDAQ:MSFT ) fell by more than 6%. The signals from the company’s most recent report appeared to put pressure not only on the stock of cloud-computing competitor Amazon.com Inc. but also on the stock of other companies in the software industry as a whole. Shares of Snowflake Inc. Shares of ServiceNow Inc. and Shares of Salesforce Inc . were among the most significant premarket decliners.
According to Cowen & Co. analyst Derrick Wood, Microsoft’s performance in its Azure cloud-computing division and elsewhere suggested that the company is having difficulty in the commercial industry. These difficulties are not limited to consumer-facing portions of the business . In a letter to clients, he stated, “We anticipate this might ignite new rounds of market worries for the larger software industry approaching earnings season.”
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