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Microsoft earnings are out – here are the numbers
Microsoft shares fell 4% in extended trading on Wednesday after the software maker posted slowing cloud growth.
Microsoft's revenue grew 17% year over year in the fiscal second quarter, which ended on Dec. 31, according to a statement.
Net income, at $38.46 billion, or $5.16 per share, was up from $24.11 billion, or $3.23 per share, in the same quarter a year earlier. Adjusted earnings exclude impact from investments in OpenAI.
The company reported $9.97 billion in other income, compared with other expense of $2.29 billion in the same quarter a year ago. The swing comes three months after OpenAI announced a restructuring that involved its for-profit arm becoming a public-benefit corporation.
Microsoft to report Q2 earnings with investors eyeing AI growth and spending
Microsoft (MSFT) reported its second quarter earnings after the bell on Wednesday beating Wall Street estimates on the top and bottom lines, with cloud revenue topping $50 billion for the first time.
“We are only at the beginning phases of AI diffusion and already Microsoft has built an AI business that is larger than some of our biggest franchises," CEO Satya Nadella said in a statement.
“We are pushing the frontier across our entire AI stack to drive new value for our customers and partners.”
Microsoft is one of the biggest beneficiaries of the AI explosion, thanks to its early investments in ChatGPT developer OpenAI, sending its market capitalization above the $4 trillion mark in July. But it's come down from those highs as investors continue to raise concerns about the AI industry's massive spending.
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