During the last quarter, Microsoft experienced significant growth in its cloud services division, surpassing overall turnover and contributing the majority of the tech group’s revenues. The company saw increased demand in artificial intelligence applications as well, leading to higher profits overall.
Microsoft’s turnover rose by 17 percent year on year, reaching nearly $62 billion in the past quarter. The company reported profits increasing by 20 percent to almost $22 billion. Cloud services played a significant role in this growth, generating over $35 billion in revenue, a 21 percent increase from the previous year.
Azure, Microsoft’s cloud service that allows businesses to develop AI applications using OpenAI technology, experienced a notable boost. Revenue from Azure increased by 31 percent in the last quarter. Microsoft has a 49 percent ownership stake in OpenAI and has invested approximately $13 billion in the AI firm.
The company’s strategic investments in cloud services and artificial intelligence have proven to be successful, driving substantial growth and profitability for Microsoft. With the demand for such technologies continuing to rise, Microsoft is well-positioned to capitalize on these opportunities and drive further success in the future.
