The two tech giants have reported more overall revenue in the latest quarter than expected by analysts - although growth at Google s cloud computing division slowed and did less well than forecast.
(Reuters) -Google-parent Alphabet's cloud business crawled to its slowest in at least 11 quarters, sending the company's stock down 5.7% after hours, even as sales at rival Microsoft's cloud unit boomed. The drop in Google’s share price despite beating Wall Street estimates for profit and sales, shows how much investors want the company to deliver gains in artificial intelligence, and show the cloud business remains competitive against a more powerful Azure from Microsoft and Amazon.com’s AWS. Fears of a slowing global economy have prompted companies to curb spending on cloud-related services, including expensive AI tools, which has slowed revenue growth at Google's cloud unit to 22.5% in the third quarter, from 28% in the prior three-month period.
Google-parent Alphabet s
cloud business crawled to its slowest in at least 11 quarters,
sending the company s stock down 5.7% after hours, even as sales
at rival Microsoft s cloud unit boomed. .
Microsoft beats quarterly revenue estimates theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Microsoft sales beat estimates as customers prepare for AI rollout streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.