Microsoft's cloud business powers 10% growth in quarterly profits
Microsoft reported a 10% increase in quarterly profits Tuesday as it tries to maintain its position as a leader in artificial intelligence technology
By AP News
Published - Jul 31, 2024, 03:47 AM ET
Last Updated - Jul 31, 2024, 03:47 AM EDT
REDMOND, Wash. (AP) — Microsoft reported a 10% increase in quarterly profits Tuesday as it tries to maintain its position as a leader in artificial intelligence technology.
The software giant said its fiscal fourth-quarter profit was $22 billion, or $2.95 per share, slightly beating analyst expectations for $2.94 per share.
It posted revenue of $64.7 billion in the April-June period, up 15% from last year. Analysts polled by FactSet Research had been looking for revenue of $64.4 billion.
Microsoft's growth was led by its cloud computing business, where quarterly revenue rose 19% to $28.5 billion. That was still lower than what some analysts expected, leading to the stock shedding about 5% in after-hours trading Tuesday.
