Microsoft shares decline after cloud growth meets targets
Shares fell 2 percent after Azure cloud revenue growth met expectations but trailed rivals. Investors remain focused on AI spending and adoption rates.
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MICROSOFT CORP shares fell 2% in late evening trading after Azure cloud revenue growth of 40% failed to exceed investor expectations. While Azure growth met consensus, ALPHABET INC-CL A reported a 63% surge in cloud revenue during the same period. The performance raises concerns that Microsoft is losing its early lead in the artificial intelligence race to more aggressive competitors.
