Microsoft shares fall about 10% after earnings, worst session since March 2020

Microsoft shares closed down about 10% at $433.50 on January 29, 2026, the day after fiscal Q2 results, and fell as much as 12% intraday. About $357 billion of market value was erased, the largest one-day dollar loss in the company's history. Investors focused on record AI spending and slowing Azure growth, not on the headline beat.

• Closed down about 10% at $433.50; down as much as 12% intraday
• About $357 billion of market capitalization erased
• Worst session since March 2020
• Beat on revenue ($81.3B) and EPS ($4.14), but capex of about $37.5B, Azure growth and guidance drew scrutiny