Microsoft Cloud revenue rises on AI boom but softer outlook weighs on shares
31/10/2024 7:18
Microsoft reported double-digit gains in quarterly revenue and profit driven by strong demand for cloud computing, but its shares slipped after it warned that growth was cooling and artificial intelligence-related spending would continue to rise.
The tech giant’s stock fell 3.8 per cent in after-hours trading on Wednesday, reversing initial gains, after executives flagged softening revenues at its key Azure Cloud division in the current fiscal quarter. Capital expenditures almost doubled to $20bn from the same period a year ago.
Source: Financial Times
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