Back in July we saw Microsoft (MSFT US) miss earnings estimates although the stock rallied on positive guidance, revenue and income fell short from Azure and other cloud services, we will be watching future numbers very carefully for signs that these areas are losing momentum. Importantly this was the 1st time in 6-years that MSFT missed earnings – we said at the time that “the company reiterating 2023 guidance felt brave considering the economic uncertainty.” In line with the sector we like MSFT ~$US225 but we could see ourselves exiting the stock if / when it bounces back towards $US280.
- We remain long MSFT but we are more likely to take profit on this position as opposed to increasing our exposure.
MM is long MSFT but we trimmed our position into Julys strength
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