Microsoft reported $82.9 billion in fiscal third-quarter revenue on Wednesday, beating Wall Street’s estimate of $81.39 billion as Azure cloud services growth reached 40%. The company posted adjusted earnings per share of $4.27, above the $4.06 expected by analysts.
Microsoft’s AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year, according to CEO Satya Nadella. However, the stock fell 3% on Wednesday as investors remain concerned about the cost of AI infrastructure investments and potential impact on software demand.
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