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Microsoft Corp. reported better-than-expected growth in its cloud business, which it says brought in more than US$75 billion in the past year, as the company continues to commercialize artificial intelligence services.
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The closely watched Azure cloud-computing unit posted a 39 per cent rise in sales during Microsoft’s fiscal fourth quarter, the company said in a statement on Wednesday. Analysts projected 34 per cent revenue growth.
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The company said sales at the cloud division grew 34 per cent to more than US$75 billion during the year ended in June, the first time the company has disclosed a revenue figure for Azure, which sells computing power and other services to businesses.
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Overall, sales rose 18 per cent to US$76.4 billion during the quarter. Net income was US$3.65 a share. Analysts on average estimated US$73.9 billion in revenue and per-share earnings of US$3.37.
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Microsoft in the last few years has deployed AI tools, including those powered by ChatGPT maker OpenAI, across its products, betting that conversant chatbots and more powerful automation tools will boost sales of the company’s productivity software and cloud services.
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The shares rose about seven per cent in extended trading after closing at US$513.24 in New York. The company’s stock was up about 22 per cent this year through the Wednesday close.
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