Meta and Microsoft have reported better-than-expected earnings for the last quarter carried by their AI businesses, but muted outlooks saw their shares drop after hours.
Shares in Meta Platforms Inc. and Microsoft Corp both fell in after-hours trading despite strong Q3 earnings on Oct. 30, as executives reduced their earnings outlook and forecasted more AI spending.
Meta reported on Oct. 30 that its Q3 revenues were up 19% year-on-year to $40.59 billion and passed Wall Street estimates of $40.21 billion. Its earnings per share (EPS) came in at $6.03, beating estimates of $5.19.
Microsoft’s results said revenues were up 16% from last year to $65.59 billion, beating estimates of $64.41 billion alongside its EPS coming in at $3.30 — above the $3.08 expectation.
