Microsoft shares surge 7% after the ChatGPT investor reveals AI boosted its cloud sales
stock jumped in premarket trading on Wednesday after the tech giant revealed its AI offerings helped to boost sales of its cloud computing business over the past quarter.
The company's shares rose 7% to trade at just under $296 shortly after 4 a.m. ET. If the gain holds firm, Microsoft could end the day with a $150 billion increase in market capitalization.after Tuesday's closing bell. The company reported earnings per share of $2.45 and revenue of just under $53 billion, both of which comfortably beat Wall Street's targets.
It also said that revenue from Azure and its other cloud services grew by 27% year-on-year in the first three months of 2023.
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