Microsoft said its quarterly profits soared thanks to record revenues from its cloud computing division, with its market value poised to pass $4tn as investors reckon its massive investment in artificial intelligence is paying off.
Net income increased 24 per cent year on year to $27.2bn, surpassing analysts' expectations for $25.3bn in the fourth quarter of Microsoft’s fiscal year, ending June 30.
Emboldened by evidence of AI accelerating earnings, chief financial officer Amy Hood said spending on data centres used to power the technology would increase further in the next 12 months.
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