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The cloud is continuing to grow. Microsoft released its Q3 FY24 earnings report this week. Here’s a rundown of the key figures: *Earnings: $2.94 (vs. $2.82 Est. from LSEG) *Revenue: $61.86B (+17% YoY, vs. $60.80B Est. from LSEG) *Cloud Revenue: $35.1B (+23% YoY) Other interesting metrics: Linkedin revenue increased 10%, search and news advertising revenue (excluding TAC) jumped 12%, and GitHub Copilot now has 1.8M paid subscribers. CEO Satya Nadella emphasized that Microsoft Copilot is enhancing business outcomes across various roles and industries. During the earnings call, CFO Amy Hood highlighted the surging demand for AI, noting that current AI demand slightly exceeds available capacity. As a result, the company plans to increase its AI investments, anticipating higher cash flow expenditures next year to support this growth. Looking forward, Hood projects next quarter’s revenue at $64B, slightly below the analyst expectation of $64.5B. However, the projected operating margin of 42.3% exceeded the analyst forecast of 41.5%.

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Elon got Tesla investors excited last night. The company surged 12% in after hours following the release of its Q1 FY24 earnings. Here’s a rundown of the key figures: *Earnings: $0.45 (-47% YoY, vs. $0.51 Est. from LSEG) *Revenue: $21.30B (-9% YoY, vs. $22.15B Est. from LSEG) Automotive revenues fell 13% YoY to $17.4B, and operating margins halved from 11.4% to 5.5%. The company ramped up capital expenditures by 34% to $2.8B, while free cash flow dropped to -$2.5B, impacted by increases in inventory and AI infrastructure investments. The downturn in revenue and profitability can be traced back to lower average vehicle selling prices, a decrease in vehicle deliveries, and the costs associated with ramping up Cybertruck production. So why did the stock jump after hours? It all comes down to the outlook. In 2024, Tesla expects the growth rates of energy storage deployments and revenue from its Energy Generation and Storage business to exceed the Automotive business. And perhaps the most important reason - the company plans to launch new, more affordable models ahead of the previously scheduled second half of 2025. These vehicles will be produced using the same manufacturing lines as current models, maximizing the current capacity of approximately 3M vehicles.

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