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Microsoft Q3 Earnings Surge on Strong Azure and AI Growth, Beats Estimates

Apr 26, 2024, 12:48 AM

Microsoft reported a significant earnings beat for Q3 FY24, driven by strong performance in its cloud services and artificial intelligence (AI) offerings. The company's revenue reached $61.9 billion, surpassing the expected $60.87 billion, with earnings per share (EPS) at $2.94, beating the $2.82 estimate. Azure, Microsoft's cloud platform, saw a 31% growth in revenue, attributed partly to AI, with a 7-point contribution from AI services. This growth in Azure was higher than the anticipated 28.6%. Microsoft's commercial cloud revenue was notably high at $35.1 billion. The stock responded positively, with a 4.3% increase in after-hours trading.