Microsoft's layoffs, OpenAI investment to get attention along with Q2 results
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Microsoft (NASDAQ:MSFT) is set to deliver its fiscal second-quarter earnings after the close of trading on Tuesday, and the software giant's results come during what is a period of some notable changes at the company.
For one, Microsoft (MSFT) just last week said it will lay off 10,000 employees and take a charge of $1.2B related to the layoffs during the second quarter of this year. And on Monday, Microsoft (MSFT) confirmed it will make a "multi-billion dollar" investment in ChatGPT developer OpenAI. Microsoft (MSFT) didn't divulge the exact amount of its investment but reports put in at around $10B.
Last week, Microsoft (MSFT) said it would begin integrating ChatGPT into its Azure cloud service in a move that Oppenheimer analyst Timothy Horan called "an iPhone moment" for artificial intelligence technology.
While none of those matters will be reflected in Microsoft's (MSFT) quarterly results, analysts will probably raise questions over how they might affect the company's business throughout 2023.
For Microsoft's (MSFT) fiscal second quarter, Wall Street analysts estimate the company will earn $2.31 a share, on revenue of $53.17B.
On Monday, Wedbush analyst Dan Ives called Microsoft (MSFT) one of his top picks for the tech sector as earnings season kicks into gear.