Although (NASDAQ: MSFT) posted estimate-beating quarterly results the previous day, its stock wasn't doing well on Wednesday. On concerns about a key part of the business, Microsoft's share price was down by more than 4% in midafternoon trading. That compared unfavorably to the S 500 index's slight 0.2% decline. 

Microsoft unveiled its fourth-quarter 2023 figures after market hours on Tuesday. For the period, revenue was $56.2 billion, an 8% improvement on a year-over-year basis. Net income according to generally accepted accounting principles (GAAP) also rose, climbing almost 20% to land at just over $20 billion ($2.69 per share).

Both headline numbers comfortably beat the consensus analyst estimates for $55.4 billion in revenue and $2.55 per share. 

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Source Fool.com