💰 Microsoft says the global energy crisis can cost the company $800 million more in energy costs this year

TL;DR

The global energy crisis is expected to impact even big tech, with Microsoft saying on Tuesday that escalating energy prices are expected to eat into its profits.The tech giant is expecting to incur over $800 million in additional energy costs this year, which is likely to bring its operating margins down, Amy Hood, the CFO of Microsoft, said on the company's fiscal first-quarter earnings call, according to a transcript.Microsoft on Tuesday posted first-quarter revenues of $50.1 billion — an 11% increase from a year ago, which beat analysts' expectations of $49.While some of the additional energy costs have already been incurred in the company's first quarter which ended on September 30, most of the cost is expected to be incurred through the rest of the fiscal year, said Hood.Meanwhile, benchmark European natural-gas futures have gained over 50% year-to-date."

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