Microsoft stock jumps after revenue, earnings beats

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Microsoft shares rose after the tech giant's quarterly earnings beat on the top and bottom lines.

after the closing bell on Tuesday, beating analysts' expectations on revenue and earnings per share. The tech giant reported revenue of $56.5 billion in the quarter, above consensus estimates of $54.5 billion.

Shares rose 3.6% in pre-market trading on Wednesday, after Microsoft said higher-than-expected AI consumption boosted its cloud business. "With copilots, we are making the age of AI real for people and businesses everywhere," Microsoft CEO Satya Nadella said in a statement. "We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.”

Microsoft has made AI a cornerstone of its business over the last year, announcing a massive $10 billion investment in ChatGPT developer OpenAI and unveiling generative AI-enhanced versions of its Bing search engine and Edge browser in February.

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Microsoft stock jumps on revenue, earnings beatsMicrosoft reported its Q1 earnings after the bell on Tuesday, beating on the top and bottom lines.
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