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International Business Times

Business

Microsoft Profit Rises But Cloud Business Misses Mark

Microsoft Brad Smith United States Artificial Intelligence Satya Nadella OpenAI

Microsoft executives say they are on pace to spend $80 billion this fiscal year on artificial intelligence and are innovating to help customers make money from the technology (Credit: AFP)

Microsoft on Wednesday reported profits of $24.1 billion in the recently ended quarter, but shares slid on worries over its vital cloud computing business.

Microsoft revenue grew to $69.6 billion and the amount of money taken in by its "intelligence cloud" unit climbed to $25.5 billion but the market had expected more.

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