Microsoft (MSFT) reported revenues of $52.7B, a 2% increase from the previous year. This was slightly lower than the expected $53.1B forecast by analysts, but still within the company's projected range of $52.4B to $53.4B. Adjusted EPS came in at $2.32 per share, surpassing the predicted $2.29 per share by Wall Street. Gross margin came in at 66.8%, slightly lower than the 67.2% from the previous year. In other words, there are two ways to take these results: the first is that they’re better-than-expected, and show the company’s relative resilience. The second is that they show material slowdown across the board. Both are accurate - the read-through we take is that tech earnings aren’t as bad as feared, but they’re nothing to “write home about” either.