Microsoft, Meta report; Samsung's chip unit disappoints - what's moving markets
) post higher-than-expected revenue and net profit, but worries persisted around the impact of their heavy expenditures on artificial intelligence. Elsewhere, Samsung Electronics's chip unit logs quarterly operating income that missed projections, although the memory-chip provider said it was making"meaningful progress" in securing a major supply deal.
Undergirding the returns was quarterly revenue from Azure and its other cloud services, which gained by 33% from the previous year, although Chief Financial Officer Amy Hood flagged the segment's growth would slow to between 31% to 32% in its second quarter. However, the pressure from investors remains high on not just Meta but also its megacap tech rivals. Concerns are beginning to rise around the timeline for the pay outs from these groups' massive AI bets as well as the impact the spending could have on recently fat margins.
The numbers come after Samsung publicly apologized for disappointing returns from the chip business, which has grappled with stiff competition from SK Hynix in delivering the high bandwidth memory chips utilized in AI hardware.
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