Microsoft's mixed results weigh heavily on other cloud computing companies
Microsoft published financial Q4 2022 results yesterday which did not impress investors. While EPS outperformed expectations, revenues underperformed and the cloud sector grew by 31%, only slightly above market expectations.
Other companies from the cloud segment are also facing selling pressure on Wednesday. Amazon, Salesforce or ServiceNow shares lose from 1 to 3%. Other technology companies such as Apple or Alphabet and Tesla, which will publish results after today's session, are also trading lower. Of course, it's worth remembering that today's sell-off could be attributed to profit-taking as the Nasdaq 100 recorded the best opening of the year in at least 10 years. The results of technology companies are not very negative, although at the same time expectations regarding their results are slightly underestimated.
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US100 erased most of the gains from Monday and Tuesday (on contracts). The key support for the US100 is located around 11600 pts which is marked with the earlier broken upper limit of the downward trend channel. Source: xStation5
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