During the last quarter, Microsoft’s cloud services division experienced significant growth, surpassing overall turnover and contributing the majority of the tech group’s revenues. This growth was driven by an increase in demand for artificial intelligence applications, which led to higher profits overall.
Microsoft’s turnover rose by 17 percent year on year, reaching nearly $62 billion. The company reported profits increasing by 20 percent to almost $22 billion. Cloud services played a significant role in this growth, generating over $35 billion in revenue, a 21 percent increase from the previous year.
One of Microsoft’s cloud services that experienced notable growth was Azure, which allows businesses to develop AI applications using OpenAI technology. Revenue from Azure increased by 31 percent in the last quarter. Microsoft has a 49 percent ownership stake in OpenAI and has invested approximately $13 billion in the AI firm.
The company’s strategic investments in cloud services and artificial intelligence have proven to be successful, driving substantial growth and profitability for Microsoft. With the demand for such technologies continuing to rise, Microsoft is well-positioned to capitalize on these opportunities and drive further success in the future.
