Microsoft Cloud Miss Overshadows Earnings Beat [Video]

Microsoft (MSFT) reported better-than-expected earnings and revenue for the fourth quarter of fiscal 2024, but growth in its cloud segment missed estimates, sending shares tumbling in extended trading Tuesday.

The company reported fourth-quarter revenue of $64.7 billion, a 15% jump year-over-year, and above analysts’ estimates compiled by Visible Alpha. Net income came in at $22 billion or $2.95 per share, up from $20.08 billion or $2.69 per share a year earlier, also beating projections.

For the full fiscal year of 2024, revenue and net income were in line with analysts’ expectations at $245.1 billion and $88.1 billion, respectively.

“As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era,” Microsoft CEO Satya Nadella said in a release.

Microsoft said its results in the fourth quarter and the fiscal 2024 year were driven by strength …