One clear theme dominated Microsoft’s earnings call

Microsoft got a few high fives from Wall Street on Tuesday night as its quarterly Azure sales bested analyst estimates amid an overall earnings beat. Microsoft’s stock initially popped 4% in after-hours trading.

Then came the earnings call, where a clear theme emerged: caution.

While Microsoft execs struck an upbeat tone on the long-term impact of its partnership with OpenAI maker ChatGPT, the earnings call was noticeably downbeat from an economic standpoint — and by extension, a demand…

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