Microsoft on Wednesday reported an 11% increase in profit for the July-September quarter compared to the same time last year as investors looked for signs that the company's huge spending on artificial intelligence is paying off.
The company reported quarterly net income of $24.7 billion, or $3.30 per share, which beat Wall Street expectations.
The Redmond, Washington-based software maker posted revenue of $65.6 billion in the quarter, up 16% from last year.
Analysts polled by FactSet Research were expecting Microsoft to earn $3.10 per share on revenue of $64.6 billion.
Microsoft doesn’t report revenue specifically from AI products but says it has infused the technology and its AI assistant, called Copilot, into all of its business segments, particularly its Azure cloud computing contracts.
