⚠️BREAKING: *MICROSOFT BEATS QUARTERLY REVENUE ESTIMATES; SHARES UP 5% $MSFT
-Microsoft Corp beat Wall Street's estimates quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and Microsoft said artificial intelligence products were stimulating sales.
In regular trading, fears about earnings had sent Microsoft down 2.2%, making it the biggest drag on theRevenue rose 7% to $52.9 billion in the quarter ended March, inching past the average analyst estimate of $51.02 billion, according to Refinitiv. The bulk of Microsoft sales still come from selling software and cloud computing services to customers.
Chief Executive Satya Nadella told investors on a conference call that the company had more than 2,500 Azure-OpenAI service customers and that described AI-powered features in a wide array of products. It saw revenue in the More Personal Computing segment of $13.35-13.75 billion, which would top Wall Street's estimate of $13.2 billion. The Productivity and Business Processes unit, which includes Office, was seen producing revenue of $17.9-18.2 billion, which would beat the analysts' average target of $17.8 billion.
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