A Look at Yesterday's Earnings Beat

💻 Microsoft slightly beat expectations this past quarter. Revenue rose 18% from a year earlier to $49.4 billion and net income rose 8% to $16.7 billion. One interesting thing to note: Microsoft doesn’t expect its $69 billion Activision deal, currently under review by the FTC, to close until next year. If it does close, Microsoft would immediately become the third-largest gaming company by sales, with 30 game studios under its management.

🔎 Alphabet, Google’s parent company, missed on top and bottom lines in Q1, with YouTube ad revenue showing particularly weaker-than-expected results. The company’s Other Bets, which includes its life sciences companies and self-driving car unit Waymo, nearly doubled revenue from the year prior, bringing in $440 million versus $198 million the previous year – but lost slightly more than the previous year ($1.15 billion).

🌯 Chipotle’s quarterly earnings and revenue topped Wall Street’s estimates despite inflation, fueled by consumers’ willingness to pay more for their burritos and bowls, CNBC reports. The company’s shares see-sawed after hours – last down 1.2% after an initial 2% gain – after falling more than 5% in the regular session.

📉 Overall: US stocks fell sharply across the board yesterday (Dow: -2.4% | S&P: -2.8% | Nasdaq: -4.0%).