Microsoft reported its quarterly earnings on Tuesday, surpassing Wall Street expectations as the company continues to see strong growth in its cloud services and artificial intelligence (AI) offerings.
One of the standout performers for Microsoft was its cloud computing platform Azure, which saw a 51% increase in revenue compared to the same quarter last year. Azure has been a key focus for Microsoft as it looks to compete with other major cloud providers like Amazon Web Services and Google Cloud.
Another area of strength for Microsoft was its AI and machine learning capabilities. The company recently introduced a new AI tool called Azure Copilot, which helps software developers write code more efficiently. This tool has been well-received by developers and is expected to drive further growth in Microsoft’s AI segment.
Overall, Microsoft reported revenue of $46.2 billion for the quarter, a 21% increase from the same period last year. The company’s net income also saw a significant jump, reaching $16.5 billion for the quarter.
In addition to its strong financial performance, Microsoft also announced that its board of directors approved a new share repurchase program worth up to $60 billion and declared a quarterly dividend of $0.62 per share.
Looking ahead, Microsoft provided a positive outlook for the next quarter, forecasting revenue in the range of $47.7 billion to $48.5 billion. The company’s continued focus on cloud services and AI technologies is expected to drive growth and keep Microsoft at the forefront of the tech industry.