Microsoft Corp's lackluster quarterly outlook points to more gloom ahead for the tech sector, analysts said, after the tech bellwether warned its customers were cautious about spending in a turbulent economy.
"Microsoft is the biggest bellwether for enterprise and cloud spending in the world. Nadella's comments about slowdown in the cloud is not surprising... It confirms a darker macro is in the horizon," said Dan Ives, analyst at Wedbush. The tech giant has made multibillion dollar investments in OpenAI, deepening ties with the startup behind the chatbot sensation ChatGPT and building on a bet it made on AI four years ago.
Microsoft forecast third-quarter revenue in its so-called intelligent cloud business a tad below analysts' estimates, with a growth rate of as much as 19 per cent. It did, however, report better-than-expected second-quarter revenue for that segment, which initially pushed shares higher on Tuesday evening.
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