Summary Q3 2022 results marked the 12th consecutive beat of consensus revenue and earnings forecasts. Microsoft’s move to strengthen its gaming offerings is gaining momentum. The cloud is an assured growth engine. The company faces multiple macroeconomic headwinds. Microsoft recently reduced its fiscal fourth-quarter revenue guidance.Microsoft Corporation’s Q3 earnings marked the twelfth consecutive quarter the company beat on the top and bottom line. Management’s moves in gaming are gaining steam, and the cloud is providing a long growth runway. However, Microsoft’s business stretches across theglobe. In fact, almost half of the firm’s revenue comes from outside the US. That worldwide reach serves to exacerbate current supply chain issues. At the same time, foreign currency exchange rates