Microsoft Earnings: AI Lifts Redmond To Highest Quarterly Sales Ever

Microsoft reported its strongest financial quarter ever Tuesday by several metrics as artificial intelligence jolts the 48-year-old tech behemoth.... [+]The company posted $56.2 billion in sales and $2.69 earnings per share in the three-month period ending June 30, smashing consensus estimates of $55.5 billion of revenue and $2.55 earnings per share, according to FactSet.

Microsoft shattered several of its financial records during the most recent quarter, as its gross sales and net income were both all-time bests, while its EPS was the second-highest ever. Overall, Microsoft’s top line swelled by 21% over the last 12 months while its bottom line spiked by 8%; profits and sales grew by 10% and 6% from last quarter, respectively.

Largely driving the gains was a 21% year-over-year in operating income in its intelligent cloud segment including much of Microsoft’s current AI offerings. Microsoft’s stock slipped less than 1% immediately after its earnings release, gnawing at its nearly 50% gain year-to-date.Microsoft’s $2.6 trillion market capitalization at the end of regular trading hours Tuesday made it the second-most valuable company in the world. Its valuation has skyrocketed by about $800 billion this year as investors generally buy into the notion that Microsoft

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