preloader icon



Apex Trader Funding (ATF) - News

ETFs to Buy as Cloud, AI Power Microsoft's Q3 Earnings

The world's largest software maker — Microsoft (NASDAQ: MSFT) — reported strong third-quarter fiscal 2024 results, beating earnings and revenue estimates. driven by strong demand for cloud and artificial intelligence offerings. Buoyed by robust results, shares of MSFT jumped as much as 5% in after-market hours. Investors could tap the opportune moment in this software leader through ETFs having double-digit exposure to Microsoft. These are Select Sector SPDR Technology ETF (ARCA:XLK), MSCI Information Technology Index ETF (ARCA:FTEC), iShares Global Tech ETF (ARCA:IXN), Vanguard Information Technology ETF (ARCA:VGT) and iShares Dow Jones US Technology ETF (ARCA:IYW). Earnings in Focus Earnings per share came in at $2.94, beating the Zacks Consensus Estimate of $2.81 and were 20% higher than the year-ago earnings. Revenues grew 17% year over year to $61.9 billion, edging past the consensus estimate of $60.63 billion. Intelligent Cloud revenues jumped 21% year over year. Sales of Office 365 Commercial and Dynamic 365 climbed 15% and 23%, respectively. Sales of the flagship Azure computing platform grew 31% year over year. The software maker invested billions of dollars into AI in a bid to turbocharge its growth, particularly its cloud computing services, and is now reaping the fruits. About 7% of the increase in Azure revenues came from AI. Microsoft CEO Satya Nadella said on a call that ...