Microsoft reaps rewards of timely cloud investments
The tech company says the increase in profit shows its bets on cloud computing services and artificial intelligence have paid off
San Francisco — Microsoft on Thursday said its revenue and profit climbed in the recently ended quarter, getting results from its bets on cloud computing services and artificial intelligence. The US tech giant reported its net income increased 10% to $8.8bn on revenue that was up 17% to $30.1bn when compared with the same period last year. Microsoft saw revenue gains across its full range of businesses including business services, gaming, internet search ads, its consumer software including Windows and Office and LinkedIn, the recently acquired professional social network. Shares were up more than 3% to $107.80 in after-hours trading following the release of earnings for the quarter ending the fiscal year quarter for Microsoft. "We had an incredible year," CEO Satya Nadella said in a release. "Our early investments in the intelligent cloud and intelligent edge are paying off, and we will continue to expand our reach in large and growing markets with differentiated innovation." Micro...
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