Microsoft Earnings Growth Accelerates on Stronger-Than-Expected Cloud Demand
$Microsoft(MSFT.US)$'s sales growth accelerated last quarter as demand for its cloud computing services warmed amid growing enthusiasm about artificial intelligence.
The company reported Tuesday that its revenue grew 13% to $56.5 billion for the quarter through September. That was above analysts' expectations and a step up from growth of 11% during year-earlier period.
The growth rate in Microsoft's Azure cloud business was 29%. While that was below the pace that Microsoft posted in the same quarter last year, it was above the preceding quarter and analyst expectations.
Microsoft is one of the first technology titans to report quarterly results. Like many in tech, it has been managing a sharp slowdown and reducing staff and other costs after years of high growth when the pandemic shifted work and life shifted online.
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