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International Business Times

Business

FORGOTTEN HISTORY: Microsoft profit rises but cloud business misses mark - Caught on Camera

Microsoft Brad Smith United States Artificial Intelligence Satya Nadella OpenAI

Microsoft executives say they are on pace to spend $80 billion this fiscal year on artificial intelligence and are innovating to help customers make money from the technology (Credit: AFP)

Microsoft on Wednesday reported profits of $24.1 billion in the recently ended quarter, but shares slid on worries over its vital cloud computing business.

Microsoft revenue grew to $69.6 billion and the amount of money taken in by its "intelligence cloud" unit climbed to $25.5 billion but the market had expected more.

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One subscription that gives you access to news from hundreds of sites

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International Business Times

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