U.S. stocks continued to fall on Friday, a day after the Dow tumbled more than 170 points, as investors weighed mixed global economic data, while emerging-market currencies continued to decline.
The Dow Jones industrial average tumbled 176.51 points, or 1.09 percent, to 16,020.84. The S&P 500 lost 23.64 points, or 1.29 percent, to 1,804.82. The Nasdaq Composite dropped 64.43 points, or 1.52 percent, to 4,154.57.
Microsoft Corporation (NASDAQ: MSFT) shares rose 1.49 percent to $36.59 during mid-day trading Friday, following the company’s announcement on Thursday that earnings during the fiscal second-quarter came in at 78 cents per share on revenue of $24.52 billion.
“Our Commercial segment continues to outpace the overall market, and our Devices and Consumer segment had a great holiday quarter,” said Steve Ballmer, chief executive officer at Microsoft. “The investments we are making in devices and services that deliver high-value experiences to our customers, and the work we are doing with our partners, are driving strong results and positioning us well for long-term growth.”
The software giant said devices and consumer revenue grew 13 percent to $11.91 billion, as commercial revenue rose 10 percent to $12.67 billion. Surface revenue more than doubled sequentially, from $400 million in the first quarter to $893 million in the second quarter, while Windows OEM revenue declined 3 percent. The company sold 7.4 million Xbox console units into the retail channel, including 3.9 million Xbox One consoles and 3.5 million Xbox 360 consoles.
“We delivered record revenue as demand for our business offerings remains high and we made strong progress in our Devices and Consumer segment,” said Amy Hood, chief financial officer at Microsoft. “These results reflect our focus on execution, cost discipline, and long-term shareholder value as we continue to drive the strategic transformation of the company.”
Meanwhile, Starbucks Corporation (NASDAQ: SBUX) on Thursday reported earnings that beat Wall Street estimates as sales growth dropped, and the coffee company posted fiscal first-quarter earnings of 71 cents per share on revenue of $4.24 billion.
“Holiday 2013 was the first in which many traditional brick and mortar retailers experienced in-store foot traffic give way to online shopping in a major way,” said Howard Schultz, chairman, president and chief executive officer of Starbucks Coffee Company. “As our solid traffic growth and record Q1 results demonstrate, Starbucks' unique combination of physical and digital assets positions us as one of the very few consumer brands with a national and global footprint to benefit from the seismic shift underway.”
The company said global comparable-store sales grew 5 percent, down from 6 percent during the same period a year earlier.
On Friday, shares of Starbucks rose 3.42 percent to $75.90 in afternoon trading.