Microsoft Rises, Google Parent Alphabet Falls on Wall Street

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Software group Microsoft was among the big winners on the New York stock exchanges on Wednesday. The company behind the Windows operating system made more profit last quarter than experts had expected.

 

Microsoft benefited from strong growth in cloud services and systems in the field of artificial intelligence (AI). The share was moved 3.8 percent higher.

However, at Google parent Alphabet, cloud services generated less revenue in the third quarter than market experts had anticipated. The growth of cloud services fell to the lowest level in almost three years. This was partly because fewer expensive AI systems were sold. Alphabet fell more than 8 percent.

The general mood on Wall Street remained cautious after the price gains the day before. In addition to the continued flow of corporate results, investors kept a close eye on developments surrounding the war between Israel and Hamas and the fluctuations in interest rates on the US bond markets.

Shortly after the start of trading, the Dow Jones index was up 0.2 percent at 33,212 points. However, the broader S&P 500 fell 0.6 percent to 4,224 points, and the tech indicator Nasdaq lost 1.1 percent to 12,995 points.

Boeing also produced results. The American aircraft manufacturer managed to reduce its net loss to $1.6 billion in the past quarter from $3.3 billion a year earlier. Due to production problems, the company expects to be able to deliver fewer 737 aircraft. There will be 375 to 400 this year. Previously, 400 to 450 aircraft were expected. The share gained 1.7 percent.

Snap climbed 3.7 percent. The company behind the Snapchat app, which can be used to share photos and videos, managed to grow again last quarter and recorded a profit, while analysts had expected a loss. Chipmaker Texas Instruments lost 2.8 percent after disappointing forecasts for the current quarter.

Meta Platforms fell 3.3 percent. The parent company of Facebook and Instagram presents its quarterly results after the closing bell on Wall Street. Investors will pay particular attention to advertising revenue. In the second quarter, Meta benefited from more, but cheaper, advertisements.

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