市场资讯及洞察
Expected earnings date: Wednesday, 28 January 2026 (US, after market close) / early Thursday, 29 January 2026 (AEDT)
Key areas in focus
Intelligent Cloud (Azure)
Azure remains Microsoft’s primary earnings swing factor. Markets are watching to see whether any growth reflects demand strength or capacity constraints, and how AI-related workloads are impacting margins.
Productivity and Business Processes
Microsoft 365, Office, and LinkedIn are sources of recurring revenue for Microsoft. Growth, pricing discipline, and client churn remain the key variables that markets will be watching.
Personal Computing
Windows, devices, and gaming are more cyclical. Stabilisation of PC demand and gaming engagement remain secondary sources of revenue but are still noteworthy.
Artificial intelligence
Approaches around the monetisation of Microsoft’s AI play are still developing. Trends in enrolment and infrastructure cost are expected to be key factors.
What happened last quarter
Microsoft reported results ahead of consensus, supported by steady cloud demand and resilient enterprise software revenues.
Azure and other cloud services' growth remained a central focus, alongside commentary on AI-related investment and capacity.
Last earnings key highlights:
- Revenue: US$77.7 billion
- Earnings per share (EPS): US$3.72 (GAAP) and US$4.13 (non-GAAP adjusted)
- Intelligent Cloud revenue: US$30.9 billion
- Azure and other cloud services: up 40% year on year
- Operating income: US$38.0 billion
How the market reacted last time
Microsoft shares fell in after-hours trading following the release, despite the beating of headline numbers, as investors focused on AI investment intensity, capacity constraints and related implications for future margins.
What’s expected this quarter
Bloomberg consensus points to continued revenue growth led by cloud services, alongside broadly stable margins despite elevated capex.
Bloomberg consensus reference points (January 2026):
- Revenue: about US$68 to US$69 billion
- EPS: about US$3.10 to US$3.20 (adjusted)
- Azure growth: mid-to-high 20% year on year (YoY) (constant currency)
- Operating margin: expected to remain broadly stable
- Capex: expected to remain elevated, reflecting AI and cloud build-out
*All above points observed as of 16 January 2026.
Expectations
Sentiment appears cautious. Microsoft can remain sensitive to any cloud, margin, or guidance disappointment, particularly where investors interpret investment intensity as open-ended.
Price action traded within an established range of US$472 and US$490 recently, but has moved below this in the last week.
Listed options were pricing an indicative move of around ±2% based on near-dated options expiring after 28 January and an at-the-money options-implied ‘expected move’ estimate.
Implied volatility was about 33.5% annualised into the event as observed on Barchart at 11:00 AEDT on 16th January 2026.
These are market-implied estimates and may change; actual post-earnings moves can be larger or smaller.
What this means for Australian traders
Microsoft’s earnings may influence near-term sentiment across US technology indices, particularly the Nasdaq, with potential spillover into global equity risk appetite and, in turn, the ASX.
As a major technology stock, and with Tesla (TSLA) also scheduled to report after the US close on the same day, volatility in Nasdaq-linked products may increase while futures markets remain open.
Important risk note
Immediately after the US close and into the early Asia session, Nasdaq 100 (NDX) futures and related CFD pricing can reflect thinner liquidity, wider spreads, and sharper repricing around new information.
Such an environment can increase gap risk and execution uncertainty relative to regular-hours conditions.
FX traders have some tier one data releases to look forward to today, including the last major central bank meeting in the form of the Bank of Japan. RBA monetary policy minutes and Canadian CPI also having market moving potential. AUDUSD The Aussie was modestly in the green in Monday’s session after initial strength that saw it outperform G10 rivals in the European morning faded later in the session.
AUDUSD supported by further PBoC liquidity and a firmer Yuan fix early on. A mixed risk sentiment in the US session saw it hit resistance at the 4-monthth highs of 0.6735 and reversing course to a low of 0.6690. RBA minutes released at 11:30 AEDT have the potential to see an RBA pushback against the market’s view that rates have definitely peaked, lending a tailwind to the Aussie.
USDCAD USDCAD edged higher in Monday’s session but held near its four month lows, rising oil prices amid heightened Red Sea tensions tempering losses in CAD with traders awaiting today’s CPI inflation data. Economists expect the Canadian CPI to show inflation slowing to an annual rate of 2.9% in November from 3.1% in October. The Bank of Canada has left the door open to further rate hikes, so this reading will be a pivotal one to test that narrative.
USDJPY The much anticipated Bank of Japan could see some big swings in JPY as investors look for clues as to when the central bank foresees the end to its easy money policies. Bank officials have recently pushed back against rate hike expectations for this meeting. But with traders pricing in the end of negative rates in January, the language at this meeting will be key for the short-term performance of the yen.
A hawkish surprise could push USDJPY towards the 140 handle, an unchanged message could bring the cross back up to the 145 level.
USD bounced back to start the first full week of December after a horror run in November where the Dollar Index (DXY) fell around 3%. DXY breaking through the 200 Day SMA resistance and printing a high of 103.850. Sour risk sentiment and higher treasury yields (particularly in the short end) helping DXY erase the Powell inspired drop on Friday.
With the Fed having entered their blackout period ahead of next week’s FOMC meeting (meaning no Fed member jawboning) data this week will take on extra importance with USD traders particularly watching Services PMI data today and the NFP jobs report on Friday. AUD and NZD were the G10 underperformers, a strong USD and a broad risk-off backdrop the main drivers rather than anything specific to the currencies. AUDUSD was looking to test the 0.67 resistance early in the session before reversing course to test the support at 0.66 before finding some buyers.
Aussie traders have the December RBA meeting to navigate, with the Central Bank widely expected (95% chance according to futures) to keep rates unchanged. What AUD trader will be watching is for any change of language in the accompanying statement with regards to futures hikes, will the RBA leave the door ajar, wide open or shut it completely? Expect some volatility in the AUD as traders race to work that part out at announcement time.
Wednesdays FOMC meeting was always going to be about whether we’d see a hawkish pushback against market expectations of a dovish Fed in 2024, or a validation of those expectations, from the market reaction to the meeting, traders decided the latter is the conclusion. Rates were kept on hold at 5.35%-5.5% as expected but the updated dot plot and the language of the accompanying statement and Powell presser confirmed what most market participants were predicting, US rates have peaked, and multiple rate cuts are coming next year. This saw the USD dump along with yields with the US Dollar Index (DXY) blowing through its 200-day SMA (where it had been finding support) closing at session lows of 102.77.
The next minor support to the downside being the November swing low of 102.46. The Yen was a particular beneficiary of the dump in US yields which saw the rate differential between the US and JP 10 Year tighten significantly. USDJPY dropping to a 142 handle as it played catch up to the yields and now testing a key support level around its 200-day SMA and December lows.
Gold surged over 30 USD an ounce as a falling Dollar and yields emboldened the bulls. XAUUSD retaking the psychological 2000 USD an ounce level after finding strong support at the October Lows – December high 50% Fib level. A retest of the major resistance at 2070 could be on the cards, and is a key level to watch for gold traders.
Central bank action continues today with both the SNB and BoE scheduled to release their latest rate decisions.
American wholesale chain, Costco Wholesale Corporation (NASDAQ: COST), announced financial results for the first quarter of fiscal year 2024 after the closing bell in the US on Thursday. Company overview Founded: September 15, 1983 Headquarters: Issaquah, Washington, United States Number of employees: 316,000 (2023) Industry: Retail Key people: Hamilton E. James (Chairman), W.
Craig Jelinek (President and CEO) The results Costco reported total revenue of $57.799 billion for the quarter, which narrowly beat Wall Street analyst estimate of $57.785 billion. Revenue was up by 6% from the same period a year prior. Earnings per share (EPS) reported at $3.58 per share (up by 16.61% year-over-year), above $3.411 per share expected.
The company announced a cash dividend of $15 per share to all shareholders of the stock as of close of business on 28/12/2023. Stock reaction Shares of Costco were down by 1.75% on Thursday at $630.78 a share. The stock was down by around 1% in the after-hours as Wall Street digested the latest results from the company.
Stock performance 1 month: +9.48% 3 months: +12.16% Year-to-date: +38.76% 1 year: +36.54% Costco stock price targets Oppenheimer: $675 Evercore ISI: $650 Stifel: $615 Truist Financial: $619 Telsey Advisory Group: $625 JP Morgan: $605 Wells Fargo: $525 Loop Capital: $630 Deutsche Bank: $652 Morgan Stanley: $585 Bank of America: $610 Costco Wholesale Corporation is the 29th largest company in the world with a market cap of $281.37 billion. You can trade Costco Wholesale Corporation (NASDAQ: COST) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD. GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time. Why trade during extended hours? Volatility never sleeps.
Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Costco Wholesale Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
US technology giant and one of the largest semiconductor companies in the world, Broadcom Inc. (NASDAQ: AVGO), announced fourth quarter and fiscal year 2023 results after the market close in the US on Thursday. Company overview Founded: 1961 Headquarters: San Jose, California, United States Number of employees: 20,000 (2023) Industry: Semiconductor, computer software Key people: Henry Samueli (Chairman), Hock Tan (President and CEO) The results Broadcom reported revenue of $9.295 billion (up by 4% year-over-year) vs. $9.277 billion estimate. Earnings per share (EPS) also topped analyst estimates for the quarter at $11.06 per share vs. $10.96 per share expected.
Net revenue reached $35.819 bill for the full fiscal 2023, up by 8% from the year prior. EPS reached $32.94 per share, an increase of 24.31% year-over-year. CEO commentary "Broadcom's fiscal year 2023 revenue grew 8% year-over-year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers," President and CEO of Broadcom, Hock Tan, highlighted the reasons for the successful year for the company. "The acquisition of VMware is transformational.
In fiscal year 2024 we expect semiconductor to sustain its mid to high single digit revenue growth rate, with the contribution of VMware driving consolidated revenue to $50 billion, and adjusted EBITDA to $30 billion," Tan concluded. Stock reaction Shares of Broadcom ended the day up by 2.06% on Thursday at $922.26 a share before the latest results were announced. The stock dipped by around 1% in the after-hours trading.
Stock performance 1 month: +0.32% 3 months: +6.69% Year-to-date: +63.53% 1 year: +72.16% Broadcom stock price targets Rosenblatt Securities: $1000 Oppenheimer: $1100 Susquehanna: $1100 KeyCorp: $1200 Evercore ISI: $1050 Truist Financial: $995 Benchmark: $950 TD Cowen: $900 Wells Fargo: $900 Mizuho: $960 Deutsche Bank: $950 Broadcom Inc. is the 20th largest company in the world with a market cap of $378.07 billion. You can trade Broadcom Inc. (NASDAQ: AVGO) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD. GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time. Why trade during extended hours? Volatility never sleeps.
Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Broadcom Inc., TradingView, MarketWatch, MarketBeat, Benzinga, CompaniesMarketCap
The largest US retailer of aftermarket automotive parts, AutoZone (NYSE: AZO), released its latest earnings report for its fiscal first quarter that ended on November 18, 2023, before the US market opened on Tuesday. Company overview Founded: July 4, 1979 Headquarters: Memphis, Tennessee, United States Number of employees: 119,000 (2023) Industry: Retail Key people: William C. Rhodes III (Chairman, President, & CEO), Jamere Jackson (CFO) The results AutoZone reported revenue of $4.19 billion for the quarter, slightly beating $4.188 billion estimate.
Earnings per share reached $32.55 per share vs. $31.573 per share expected. The company opened 25 new stores during the quarter in United States, Mexico and Brazil. One store was closed in the United States.
AutoZone has 7,165 stores as of November 18, 2023. CEO commentary "I want to thank all AutoZoners across the company for their efforts during our first fiscal quarter. The commitment to superior service resulted in our ability to deliver strong financial results.
Our domestic sales results were solid despite tough comparisons from a year ago, while our international business continues to deliver exceptionally strong sales growth. We remain committed to driving sales and earnings growth throughout fiscal 2024, while returning cash to our shareholders," William C. Rhodes, CEO of the company said in a letter to investors.
Stock reaction Shares of AutoZone were little changed at the end of Tuesday’s session, ending the day up by 0.26% at $2,671.12 a share. Stock performance 1 month: +0.78% 3 months: +4.50% Year-to-date: +8.31% 1 year: +8.72% AutoZone stock price targets Wedbush: $2750 Truist Financial: $2933 TD Cowen: $2975 Oppenheimer: $2600 Argus: $2920 DA Davidson: $2500 Evercore ISI: $2750 Morgan Stanley: $2750 Barclays: $2742 JP Morgan: $2975 AutoZone Inc. is the 362nd largest company in the world with a market cap of $47.10 billion. You can trade AutoZone Inc. (NYSE: AZO) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs. Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time. Why trade during extended hours?
Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: AutoZone Inc., TradingView, MarketWatch, MarketBeat, Benzinga, CompaniesMarketCap