Shares of Google parent Alphabet fell after the search giant’s cloud revenues came in lower than expected and Microsoft shares pushe𝓡d higher after it was able to grow its Azure cloud business. Here’s what inves🔯tors need to know today.

1. Microsoft Cloud Computin꧙g Revenu♒e Pushes Shares Higher

Microsoft (MSFT) 澳洲幸运5开奖号码历史查询:grew its Azure cloud comp♔uting segment more than forecasted, helping send the t❀ech giant’s net income up 27% year-over-year to report adjusted earnings of $2.99 a share, while the company’s revenue for the fiscal first quarter come in at $56.5 billion, a 13% rise over the same period last year. Microsoft’s Azure cloud business saw sales grow 29%, higher than the 26% growth that analysts were expecting. Shares of Microsoft traded 4% higher in the pre-marke💃t. 

2. Alphabet Shares🔯 Fall After Reporting Drop in C💮loud Revenue

Shares of Google parent Alphabet (GOOG) dropped more than 6% in pre-market trading after revenue from the search giant’s cloud division rose to $8.41 bil🎃lion for the third quarter, below what analysts were expecting, as the company faces competition from 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) rivals, in addition to mounting legal challenges. The company reported third-quarter earnings of $1.55 per share, a 46% increase over the same period last year, while advertising from YouTube and search results helped push revenue to $76.7 billion.

3. Visa Reports Increases in Net Income, Revenu🌌e

Visa (V) reported a 澳洲幸运5开奖号码历史查询:19% year-over-year increase in net༺ income of $4.7 billion, or $2.27 a share, on $8.6 billion in net revenue, as the credit card provider beat analystꦐ expectations of $8.5 billion in revenue. Visa cited an increase in fourth-quarter transaction volume as consumer spending increased as inflation 🦩cooled, powered in part by travel demand. Shares of Visa decline 1.5% in pre-market trading.

꧒ 4. Meta Shar𓃲es Fall After 33 States Sue Tech Giant Over Social Media Harms

Shares of Instagram parent Meta Platforms (META) traded lower by nearly 1% in the pre-market after a coalition of 33 states sued the tech giant, alleging th✨e company’s social media platforms harm children and teenagers. The lawsuit is joined by nine st🍷ate attorneys general, who also charge that Meta violated children’s online privacy protection rules.

5. New Home Sales Projected to Rise

At 10 a.m. ET, the U.S. Census Bureau will release its monthly report on 澳洲幸运5开奖号码历史查询:new home sales, which are projected to have increased to 680,000 in September, up from 675,000 in August. The data comes after August new home sales fell 8.7% from July, below analyst expectations as mortgage rates surged, squeezing buyers.

Correction—Oct. 25, 2023: A previous version of this article incorrectly stated that GDP, durable goods, initial jobless claims, and pending home sales figures would be released on Wednesday, Oct. 25, 2023. Those figures will be released on Thursday, Oct. 26, 2023.