Microsoft Sales, Profit Beat Expectations on AI Demand [BNN Bloomberg (Canada)]
Microsoft Corporation (MSFT)
Last microsoft corporation earnings: 4/29 04:06 pm
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Source: BNN Bloomberg
Revenue in the third quarter, which ended March 31, rose 17% to $61.9 billion, while profit was $2.94 a share, the company said in a statement Thursday. Analysts on average estimated per-share earnings of $2.83 on sales of $60.9 billion. Chief Executive Officer Satya Nadella has been infusing Microsoft's entire product line with AI technology from partner OpenAI. The bet is starting to pay off, with some customers adding AI tools that summarize documents and generate new content to their Office productivity software or signing up for Azure cloud subscriptions with OpenAI products. “Microsoft's generative AI-specific revenue has already become a key stock driver,” said Dan Morgan, a senior portfolio manager at Synovus Trust Co. “Microsoft appears to be in an excellent position to thrive. Microsoft is really in the driver's seat when it comes to AI.” Azure revenue gained 31% in the quarter, above an average prediction of 29% and picking up slightly from the 30% growth in the prev
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