Microsoft's dour outlook raises red flags for tech sector
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Microsoft Corp's lackluster quarterly outlook points to more gloom ahead for the tech sector, analysts said, after the tech bellwether warned its customers were cautious about spending in a turbulent economy.
Microsoft, the second most valuable U.S. company, sounded a cautious note in its quarterly earnings report as a steep fall in client spending has sparked a series of high-profile layoffs in the tech industry.
The company's Chief Executive Officer, Satya Nadella, and other Microsoft executives used the words "caution" and "cautious" at least six times on the one hour call on Tuesday.
"Microsoft is the biggest bellwether for enterprise and cloud spending in the world. Nadella's comments about slowdown in the cloud is not surprising... It confirms a darker macro is in the horizon," said Dan Ives, analyst at Wedbush.
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