Microsoft's cloud business powers 10% growth in quarterly profits
File - A Microsoft Surface logo is seen before an NFL football game between the Houston Texans and the Baltimore Ravens, on Jan. 20, 2024, in Baltimore. Microsoft reports earnings on Tuesday, July 30, 2024. Credit: AP/Matt Slocum
REDMOND, Wash. — 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 $64.38 billion.
Microsoft's growth was led by its cloud computing business, where quarterly revenue rose 19% to $28.5 billion.
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