Microsoft Profit, Sales Top Estimates on Strong Cloud Demand
- Azure growth endures even as customers scale back spending
- AI products are drawing promising customer interest, CFO says
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Microsoft Corp. reported quarterly profit and sales that topped projections, fueled by resilient corporate cloud-computing demand, and gave an upbeat outlook for its nascent artificial intelligence services. Shares jumped more than 8% in late trading.
The software maker said it will step up spending to bolster its cloud-data centers to meet customer demand for new AI tools, while keeping operating expenses in check. Microsoft has unveiled a procession of AI-based products and features in recent months, including a new internet search chatbot based on OpenAI’s technology.