Microsoft Beats Back King Dollar and Rising Interest Rates
Despite issues, big tech stocks are incredibly resilient investments. With the global economy up against inflation, war in Ukraine, and a possible recession in 2023, many tech and software stocks keep chugging higher. Microsoft's (NASDAQ: MSFT) fiscal 2023 first-quarter earnings showcase this resiliency.
But pressure is mounting. A record run-up in the U.S. dollar is only just beginning to blast corporate earnings. Microsoft is going to be more than fine, but a big speed bump looms large.
Just like the other cloud computing giants that reported earnings (Amazon (NASDAQ: AMZN) Web Services and Alphabet's (NASDAQ: GOOGL)(NASDAQ: GOOG) Google Cloud), Microsoft reported a stunning negative effect from currency exchange rates. During the first quarter of its fiscal 2023 (the three months ended Sept. 30, 2022), total revenue increased 11% year over year to $50.1 billion.
Source Fool.com
