Microsoft Corp beat Wall Street's estimates quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and Microsoft said artificial intelligence products were stimulating sales.
beat Wall Street's estimates quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and Microsoft said artificial intelligence products were stimulating sales.
In regular trading, fears about earnings had sent Microsoft down 2.2%, making it the biggest drag on the S&P 500 on Tuesday ahead of its report. Microsoft said growth at its cloud business Azure was 27% in the latest reported quarter, beating analyst expectations for 26.6% growth, according to the consensus from 23 analysts polled by Visible Alpha.
Microsoft forecast revenue in the Intelligent Cloud unit for the current quarter, the fiscal fourth, of $23.6-23.9 billion compared with Wall Street's average target of $23.8 billion, according to Refinitiv.
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