Microsoft fiscal Q3 results top estimates as AI revolution spurs cloud growth

Investing.com - Microsoft reported Thursday fiscal third-quarter results that beat Wall Street estimates, as strong demand for artificial intelligence underpinned better-than-expected performance in its cloud business Azure.

Microsoft Corporation (NASDAQ: MSFT) rose more than 4% in afterhours trading following the report.

For the three months ended Mar. 31, the company announced earnings of $2.94 a share on revenue of $61.9B. Analysts polled by Investing.com anticipated EPS of $2.82 on revenue of $60.84 billion.

Azure and other cloud services growth was 31% in Q3 from a year earlier, beating analyst estimates of 28.6%, with about 7% of the growth coming from artificial intelligence.

You May Also Be Interested In

• NIO Inc. (NIO) Tops Q2 EPS by 33c; offers guidance
• MongoDB stock tumbles despite earnings beat on profit-taking
• GitLab Inc (GTLB) Tops Q2 EPS by 7c, Beats on Revenue