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Microsoft stock dives into the red after forecast misses, CFO warns about deceleration

Business

Earnings Results

Microsoft suggests sales in the current quarter could come in $1 billion or more lower than Wall Street expected as December slowdown is projected to continue into new year

Microsoft Corp. reported fiscal second-quarter earnings Tuesday.

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Microsoft Corp.’s profit declined more than 12% in the holiday season, and executives said Tuesday that a revenue deceleration at the end of 2022 is expected to continue into the new year as the company lays off workers.

Microsoft MSFT Chief Financial Officer Amy Hood said in a conference call Tuesday that “we are seeing customers exercise caution,” which resulted in “moderating consumption growth in Azure and lower-than-expected growth in new business” in December. Hood then said that “we expect business trends that we saw…