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Microsoft Reports Strong Revenue Growth Driven by AI and Cloud Computing

Sunny by Sunny
February 1, 2024
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Microsoft Revenue Growth : Microsoft reported its most robust revenue growth since 2022, driven by heightened interest in newly introduced artificial intelligence (AI) products, sparking increased expenditure on cloud computing.

Microsoft Reports Strong Revenue Growth

In the quarter ending December 31, revenue surged by 18% to $62 billion, with a profit of $2.93 per share, surpassing analysts’ average estimates of $2.78 earnings per share on $61.1 billion in sales. Microsoft’s fiscal year extends from July to June.

Sales of Azure cloud services increased by 30%, exceeding the previous quarter’s 29% growth and analysts’ projected 28% growth. The company assured analysts during a call that the growth in the Azure division would “remain stable” in the current quarter.

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Investors have driven up Microsoft’s shares in recent months, anticipating CEO Satya Nadella’s efforts to transform the company into an AI powerhouse through collaboration with startup OpenAI. The optimism regarding Microsoft’s AI prospects has elevated its market capitalization above $3 trillion, making it the world’s most valuable company, surpassing Apple.

There are indications that the integration of AI into key products such as Azure, Office, and Windows is yielding positive results. However, some investors were anticipating more significant results, leading to a slight decline in shares during late trading. Analyst Sophie Lund-Yates from Hargreaves Lansdown noted that Microsoft delivered a healthy set of results but fell short of meeting the market’s high expectations.

The market reacted with Nasdaq poised for a lower open as Alphabet and Microsoft’s forecasts of increasing AI costs impacted mega-cap and chip stocks. Alphabet saw a 5.5% decline in premarket trading due to higher spending on items like servers to support AI. Satya Nadella emphasized Microsoft’s shift from discussing AI to applying it at scale, infusing AI across every layer of the technology stack, attracting new customers and driving productivity gains in various sectors.

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