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Microsoft delivers impressive earnings beat, showing strength in AI and cloud
- Microsoft's stock rose over 7% in late trading after beating expectations in its third-quarter financial results driven by cloud growth.
- The company reported earnings of $3.46 per share, exceeding the consensus estimate of $3.22 per share.
- Revenue increased by 13% to $70.07 billion, higher than the analyst's forecast.
- Microsoft anticipates sales between $73.15 billion and $74.25 billion for the current quarter, with Azure cloud business expected to grow by 34% to 35%.
- The company plans to increase capital expenditures in the new fiscal year, focusing on building data centers for AI workloads.
- Azure cloud computing revenue grew 33% in the quarter, driven by increased demand for AI services.
- Microsoft's Intelligent Cloud business, including Azure, saw $26.75 billion in sales, up 21% from a year earlier.
- Microsoft's Productivity and Business unit revenue rose 10% to $29.94 billion, while the More Personal Computing unit sales increased by 6% to $13.37 billion.
- The company is seeing increased commercial traction for Windows 11 as support for Windows 10 is ending.
- Despite the stock's after-hours jump, Microsoft's stock is down around 6% for the year.
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