Adjusted guidance for future growth, they expect revenue growth to slow down significantly.
Microsoft is growing at about 1/3 the rate of Facebook, and with the FB shares down 22% after hours (~$500b market cap), Microsoft has a real PE ratio at least 1/3 higher. The same crazy contrast exists for Google, Amazon, Netflix.
This is an emotional mis-pricing by the market, just as the drop to $150x in March was. I haven't bought after hours, but if the emotionalism continues tomorrow, it's an easy buy on further weakness.
It's pure machines.
These are event trading algos (event means news in trading lingo).
Anyway, if you believe it's a huge misprice, just go ahead and buy this amazing opportunity.