“The small miss on Microsoft’s cloud earnings forecast is likely just a reflection of the new economic reality that businesses are facing and not a harbinger of something worse," said Bob O'Donnell, chief analyst at TECHnalysis Research. It forecast third-quarter revenue in its so-called intelligent cloud business would be $21.7 billion to $22 billion, just below the analyst average forecast of $22.14 billion, according to Refinitiv. He said revenue from OpenAI-related businesses would show up in revenue for Microsoft's cloud service Azure in the future. Azure cloud product revenue in the second quarter rose 31%, in line with estimates compiled by Visible Alpha. The company expects that revenue to drop to $11.9 billion to $12.3 billion in the current fiscal third quarter.

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