*S&P 500 DOWN BUT WELL OFF LOWS AS MICROSOFT CUTS LOSSES $SPY $SPX $MSFT
that beat on the top line, led by surprise strength in its cloud business, though revenue missed estimates and the company flagged a weaker outlook ahead.
Some on Wall Street, however, believe Microsoft’s cloud growth could reaccelerate sooner than expected, and the firm’s recent efforts to cut costs will begin to boost growth as soon as the fiscal fourth quarter. “Microsoft’s expense efficiencies, meanwhile, will start to bear fruit in 4Q with continued tailwinds into FY24, we believe earnings and revenue growth could have troughed in F2Q23 followed by stability and potential re-acceleration towards the end of CY23, which is why we reaffirm our Buy rating and $315 PT,” Goldman Sachs said.
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