US futures remained mixed, and Asia traded mostly lower as the recent dire earnings results continued to weigh on the market mood, despite better after-the-bell earnings.
The volatile price action comes amid prolonged worries over the financial sector’s stability after the downfall of both Silicon Valley Bank and Signature Bank last month.
After the bell earnings from Microsoft was better than expected earnings beat on the top and bottom line. Microsoft shares are trading at $287.11 after closing at $275.56 up 4.20%.
Microsoft earnings-per-share came in at $2.45 versus the $2.23 expected, while Revenues were $52.9 billion versus the $51.02 billion expected, prompting the pre-market stock rise.
Breaking down the data, Cloud revenue is $28.5 billion versus the $28.15 billion expected, while Intelligent Cloud revenue is $22.1 billion, up 16%, and productivity and business processes +11% to $17.5 billion.
Google results also came in better as Revenues hit 69.8 billion versus the $68.96 billion expected. EPS $1.17 versus $1.08 expected. Shares of Alphabet are trading up around 4.1% in after-hours trading.
Visa earnings also beat as they came in at per-share $2.09 versus $1.99 expected and revenues of $7.99 billion versus $7.79 billion expected. Visa shares are trading up $4.65 or 2.03% at $234 in after-hours trading.
It is noteworthy that Visa is seen as a major bellwether for the global economy as it is closely associated with consumed spending.
