Microsoft Gains After Cloud Growth Drove Revenue Surge
- Corporate customers are spending on Azure cloud services
- Software giant’s AI tools are helping woo business clients
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Microsoft Corp. share were on track for their biggest gain in three months after it reported strong sales, bolstered by recovering cloud-computing growth amid demand for new artificial intelligence products.
Revenue in the fiscal first quarter, which ended Sept. 30, rose 13% to $56.5 billion, the most in six quarters and topping analysts’ average projections. Profit was $2.99 a share, the software maker said in a statement Tuesday. Azure cloud-services sales gained 29%, compared with 26% growth in the previous quarter.