In the past quarter, Microsoft’s cloud services division experienced significant growth, which outpaced overall turnover and contributed the majority of the tech group’s revenue. This growth was driven by the demand for cloud services and applications in artificial intelligence (AI). Microsoft reported a 17 percent year-on-year increase in quarterly revenue, reaching almost $62 billion, with profits also rising by 20 percent to nearly $22 billion.
The availability of cloud services that enable businesses to develop AI applications using OpenAI technology has been particularly influential in driving demand for Microsoft’s Azure offering. Azure revenues climbed by 31 percent in the last quarter, thanks to OpenAI’s contribution to Microsoft’s advancements in AI technology and innovation.
Microsoft has made significant investments in OpenAI over the years, totaling approximately $13 billion. The tech giant owns a 49 percent stake in OpenAI, which has contributed to Microsoft’s advancements in AI technology and innovation.
Overall, Microsoft’s strong performance in cloud services and AI applications has positioned the company as a leader in the tech industry, with significant revenue growth and profit margins to show for it.
