Microsoft cloud growth accelerates on back of AI push

CNBC April 25, 2024
Jordan Novet

Key Points

– Microsoft’s fiscal third-quarter results exceeded estimates on the top and bottom lines.

– Management will provide guidance on a conference call with analysts at 5:30 p.m. ET.

– The company started selling its Copilot artificial intelligence add-on for small businesses with subscriptions to Microsoft 365 productivity software during the quarter.

Microsoft shares rose as much as 5% in extended trading on Thursday after the software maker issued fiscal third-quarter results that outdid Wall Street’s expectations.

Here’s how the company did in comparison with the consensus from LSEG:

• Earnings per share: $2.94 vs. $2.82 expected
• Revenue: $61.86 vs. $60.80 billion expected

Microsoft’s total revenue grew 17% year over year in the quarter, which ended...

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