Shares of technology companies fell as a spike in oil prices associated with the planned Israeli ground invasion of the Gaza Strip caused a flight from risk. Among high-risk tech stocks,.
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Microsoft blows past earnings estimates on continuing strong cloud growth
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Microsoft Corp. continued its recent record of smashing earnings expectations with fiscal fourth-quarter results that handily beat analyst estimates on growth in its cloud business that has accelerated since last quarter.
The company reported sales of $46.2 billion today, up 21% from the same period last year. Profit surged 47%, to $2.17 a share, well ahead of analysts’ estimates of $1.90.
After initially declining about 2% when results were announced, Microsoft shares rallied and were up about 1.5% after-hours. The stock is up nearly 30% for the year, compared with about a 20% gain in the S&P 500.
Microsoft Directors Decided Bill Gates Needed to Leave Board Due to Prior Relationship With Staffer Update
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By Emily Glazer, Justin Baer, Khadeeja Safdar and Aaron Tilley Microsoft Corp. board members decided that Bill Gates needed to step down from its board in 2020 as they pursued an investigation into the billionaire s prior romantic relationship with a female Microsoft employee that was deemed inappropriate, people familiar with the matter said. Members of the board tasked with the matter hired a law firm to conduct an investigation in late 2019 after a Microsoft engineer alleged in a letter that she had a sexual relationship over years with Mr. Gates, the people said.