US tech giant Microsoft announced their Q1 2021 results yesterday morning. They achieve per-share profit growth of $1.82, beating analysts’ expectations of $1.54 a share. The after-market share performance was muted. In fact, it’s nearly 1.5% lower. But due to the broad market fall this morning (28th Oct) the stock is down almost 5% to $203. It has been consistently drilled into my head at work that the market is forward-looking in theory. And in a few practical cases, it is the case. After-market movements reflect the general crowd’s sentiments towards their expectations of future cash flows. Microsoft’s results were not too bad in Q1 2021. Revenue was $37.2 billion and increased 12%Operating income was $15.9 billion and increased 25%Net income was $13.9 billion and increased 30%Diluted earnings per share was $1.82 and increased 32% Revenue growth was decent not astoundingly good. However, where Microsoft did well was that...