Microsoft profits surge on AI as Snap up 27% and Meta stock takes hit [Yahoo! Finance]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Yahoo! Finance
estimates on the back of strong investment in artificial intelligence capabilities, while Meta's stock has taken a hit after it announced costly AI investments of its own earlier this week. Microsoft has emerged as a leader in the AI space after partnering with ChatGPT maker OpenAI, embedding the game-changing AI in its signature office offerings as Copilot, an AI assistant able to transcribe meetings, send emails, and make spreadsheets. The Washington-based tech firm reported revenues were up 17 per cent year-over-year to $61.9bn this quarter, with net income up 20 per cent and AI helping drive a 31 per cent increase in demand this quarter for its Azure cloud services. “They have been a leader in AI,” Gil Luria, a software analyst at DA Davidson, told The Wall Street Journal . “They're really the only ones that can put their finger on actual AI revenue.” Other tech firms saw similarly encouraging reports. Shares of Snap, the company behind Snapchat, soared as much as 27 per
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META
Earnings
- 2/1/24 - Beat
META
Sec Filings
- 5/3/24 - Form 144
- 5/2/24 - Form 4
- 5/2/24 - Form PX14A6G
- META's page on the SEC website