Microsoft reports better-than-expected results; AI products show record growth

Microsoft’s second quarter results beat analysts’ expectations. as revenue increased by 16% to $ 65.6 billion — higher than the $64.5 billion analysts had expected. Net income rose 11% to $ 24.67 billion.

Following major investments in AI, revenue from the Azure cloud business is now up 33%.

Microsoft CEO Satya Nadella said in a comment that the company’s AI business will soon be worth $ 10 billion a year, making it the fastest product category to reach that milestone, Axios reports.

Revenue from server products and cloud services increased by 23%, with revenue from the Microsoft 365 commercial products and cloud services up by 13% for the quarter.