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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