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Microsoft results top targets, driven by AI investment

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Microsoft has beaten Wall Street estimates for third-quarter revenue and profit driven by gains from adoption of artificial intelligence across its cloud services.

Executives forecast ranges for current quarter cloud revenue that were mostly above Wall Street targets.

"Microsoft's AI-powered earnings demonstrate that doubling down on innovation is paying off," said Jeremy Goldman, senior director of briefings at Emarketer, pointing to the company's early moves in generative AI, such as its large investment in ChatGPT maker OpenAI. The stock has soared on Microsoft shipping generative AI tools based on its strategic partnership with OpenAI and also helped it capture the world's most valuable company crown from Apple this year.

It forecast fourth quarter intelligent cloud revenue of $28.4-28.7 billion, mostly ahead of Wall Street targets of $28.47 billion.Microsoft forecast Azure growth in the fiscal fourth quarter would be 30%-31%, which would put it ahead of the 28.5% Wall Street target.

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