{"id":5120,"date":"2023-10-24T20:58:37","date_gmt":"2023-10-24T20:58:37","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stock-soars-as-ai-drives-record-revenue-again\/"},"modified":"2023-10-24T20:58:38","modified_gmt":"2023-10-24T20:58:38","slug":"stock-soars-as-ai-drives-record-revenue-again","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5120","title":{"rendered":"Stock Soars As AI Drives Record Revenue Again"},"content":{"rendered":"
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Topline<\/h2>\n

Microsoft smashed expectations in its earnings report released Tuesday afternoon, as the Redmond, Washington-based technology behemoth continues to cash in on the artificial intelligence craze.<\/p>\n

Key Facts<\/h2>\n
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Microsoft brought in $56.5 billion of total sales during the three-month period ending September 30, well above consensus analyst estimates of $54.5 billion, according to FactSet.<\/p>\n<\/p><\/div>\n

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This was 13% higher than the same period last year and broke last quarter\u2019s record $56.2 billion in revenue.<\/p>\n<\/p><\/div>\n

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Top line growth also came in hotter than expected: Microsoft\u2019s $2.99 earnings per share smashed estimates of $2.65 and topped last quarter\u2019s $2.69.<\/p>\n<\/p><\/div>\n

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The robust earnings came as expansion in its heavily AI-exposed intelligent cloud unit swelled to $24.3 billion, marking about 20% annual growth.<\/p>\n

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Shares of Microsoft rose about 5% to nearly $350 in after hours trading.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

Microsoft is the second most valuable company in the world thanks to its roughly $2.5 trillion market capitalization, trailing only Apple\u2019s. Shares of the Washington-based firm are up 38% this year, spearheading a broad tech rally. Much of Microsoft\u2019s 2023 gains came amid a surge in investor interest in AI and specifically in generative AI, a movement captained by last November\u2019s launch of ChatGPT by Microsoft-backed startup OpenAI. Microsoft\u2019s most tangible exposure to AI is in its Azure cloud business, though it will debut a subscription-based AI assistant for Microsoft 365 users next month.<\/p>\n

What To Watch For<\/h2>\n

In addition to sharing further information on Microsoft\u2019s AI endeavors, the company\u2019s next earnings report will also for the first time feature results from Activision Blizzard, the video game giant Microsoft acquired for $69 billion in a transaction that closed earlier this month.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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