Microsoft released its quarterly earnings report on Wednesday after the New York stock market closed, beating Wall Street's expectations for the fourth quarter in a row amid a financial boom for artificial intelligence businesses. The company revealed revenue of 70.07bn and earnings of 3.46 per share. The result exceeded analyst predictions that revenue would grow to 68.42bn, or 10.6% year-over-year, and that earnings-per-share would come in at 3.22. Shares in the tech giant jumped more than 5% in after-hours trading. Analysts viewed the earnings report as a temperature check on Microsoft's artificial intelligence (AI) business, which has announced it will invest around 80bn in this fiscal year alone, though it has also terminated some data center leases in recent months.

Tesla narrowly beat Wall Street expectations in the second quarter of 2023, marking a solid start to the year as the electric carmaker produced a record number of vehicles. Revenue for the quarter topped $24.97bn compared to analyst predictions of $24.7 bn. The report comes after Tesla slashed costs for its most popular vehicle models and drove a major increase in sales. Earnings were $0.91 a share compared with estimates of $0.79. Investors were closely watching Tesla's gross margins, monitoring if they were negatively impacted by the company's move to decrease consumer prices.