Shares of Google parent Alphabet fell after the search giant’s cloud revenues came in lower than expected and Microsoft shares pushed higher after it was able to grow its Azure cloud bꦫusiness. Here’s w😼hat investors need to know today.

1. M꧃icrosoft Cloud Computing Revenue Pushes Shares Higher

Microsoft (MSFT) 澳洲幸♓运5官方开奖结果体彩网:grew its Azure cloud computing segment more than forecasted, helping send the tech giant’s net income up 27% year-over-year to report adjusted earnings of $2.99 a share, while the company’s revenue for the fiscal first quarter co🐠me in at $56.5 billion, a 13% rise over the same period last year. Microsoft’s Azure cloud business saw sal♛es grow 29%, higher than the 26% growth that analysts were expecting. Shares of Microsoft traded 4% higher in the pre-market. 

2. Alphabet Shares ꦐFall After Reporting Drop in Cloud Revenue

Shares of Google parent Alphabet (GOOG) dropped more than 6% in pre-market trading after revenue from the search giant’s cloud division rose to $8.41 billion f🍷or the third qu♋arter, below what analysts were expecting, as the company faces competition from 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) rivals, in addition to mounting legal challenges. The company reported third-quarter earnings of $1.55 per share, a 46% increase over the same period last year, while advertising from YouTube and search results helped push revenue to $76.7 billion.

3. Visa Reports Increases in Net Inc🅺ome, Revenue

Visa (V) reported a 澳洲幸运5官方开奖结果体彩网:19% year-over-year increase in net inc🧜ꦑome of $4.7 billion, or $2.27 a share, on $8.6 billion in net revenue, as the credit card provider beat analyst expectati🍰ons of $8.5 billion in revenue. Visa cited an increase in fourth-quarter transaction volume as consumer spending increased as inflation cooled, powered in part by travel demand. Shares of Visa decline 1.5% in pre-market trading.

4. Meta🥀 Shares Fall After 33 States Sue Tech Giant Over Social Media Harms

Shares of Instagram parent Meta Platforms (META) traded lower by nearly 1% in the pre-market after a coalition of 33 states sued the tech giant, alleging the company’s social media platforms harm children and tee𝕴nagers. The laws꧙uit is joined by nine state attorneys general, who also charge that Meta violated children’s online privacy protection rules.

5. New Home Sales Projected to Rise

At 10 a.m. ET, the U.S. Census Bureau will release its monthly report on 澳洲幸运5官方开奖结果体彩网:new home sales, which are projected to have increased to 680,000 in September, up from 675,000 in August. The data comes after August new home sales fell 8.7% from July, below analyst expectations as mortgage rates surged, squeezing buyers.

Correction—Oct. 25, 2023: A previous version of this article incorrectly stated that GDP, durable goods, initial jobless claims, and pending home sales figures would be released on Wednesday, Oct. 25, 2023. Those figures will be released on Thursday, Oct. 26, 2023.