Microsoft (MSFT)

Microsoft announced its fiscal fourth quarter earnings after the bell on Tuesday, beating on the top and bottom lines, but missing on cloud revenue expectations.

The news sent shares of the software company tumbling.

For the quarter, Microsoft reported earnings per share (EPS) of $2.95 (£2.30) on revenue of $64.7bn. Wall Street was anticipating EPS of $2.94 on revenue of $64.5bn, according to data compiled by Bloomberg.

It reported EPS of $2.69 and revenue of $56.2bn during the same period last year.

Microsoft's overall cloud revenue came in at $36.8bn, in line with expectations of $36.8bn, but the company's Intelligent Cloud revenue, which includes its Azure services, fell short, coming in at $28.5bn versus expectations of $28.7bn.

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Shares of Microsoft fell more than 7% in after-market trading but were around 2.7% lower on Tuesday morning.

While Microsoft's cloud business missed expectations, overall revenue still rose 21% year over year. Intelligent Cloud revenue, meanwhile, increased 19% year over year.

AMD (AMD)

AMD reported a small earnings beat and raise driven by AI chip sales, demonstrating that its products are gaining traction in the market. It beat analysts' expectations on the top and bottom lines and posted better-than-anticipated guidance for the third quarter.

AMD is currently riding the AI hype train, which is powering sales of its data centre graphics processing units (GPUs) and central processing units (CPUs).

For the quarter, adjusted earnings per share came in at $0.69 with revenue of $5.8bn. Wall Street was anticipating adjusted EPS of $0.68 on revenue of $5.7bn, according to consensus estimates by Bloomberg.

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Lisa Su, chief executive, said in a statement: "Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors,"

"The rapid advances in generative AI are driving demand for more compute in every market, creating significant growth opportunities as we deliver leadership AI solutions across our business.”

The stock is almost 10% higher in pre-market trading.

Just Eat (JET.L)

Revenues at Just Eat fell 1% to €2.57bn after a strong performance in Northern Europe was offset by weak sales in Southern Europe, North America and Australia & New Zealand.

The firm said it had seen an overall 6% decline in the number of active customers on its platform in the first half of the year.

The decline was “driven by our committed path to profitability in markets with highly competitive pressure and challenging performance in Israel," the firm said.

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The firm recently announced plans to withdraw operations in France and New Zealand.

Jitse Groen, chief executive, said: “We look very critically at our portfolio. The end of the pandemic has changed the horizon for some of the businesses. We are very focused on reducing our costs further going into the second half.”

Taylor Wimpey (TW.L)

Taylor Wimpey revealed on Wednesday that its half-year profit fell by over 58% to £187.7m from revenue of £1.517bn, reflecting the ongoing stress in the UK housing market.

This was due to a drop in completions and a squeeze on prices from high mortgage rates.

However, the FTSE 100 (^FTSE) firm, which is one of the UK’s biggest developers, stood by plans to complete between 9,500 and 10,000 homes this year, at the upper end of its guidance.

The number of properties sold is low at 4,728, and lower than last year, while the average sale price declined marginally by 1%.

Jennie Daly, chief executive pointed to the “high” level of “interest rates and mortgage rates".

“Though it is early days for the new government, we welcome their recognition that planning is a major barrier to economic growth, of which housebuilding is a significant component, and we look forward to working constructively with them to deliver much needed new homes across the UK.”

Shares were 1.7% higher in London at the time of writing.

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