Microsoft beats earnings estimates on AI push and cloud adoption – The National

Microsoft beats earnings estimates on AI push and cloud adoption – The National

Microsoft on Thursday exceeded analysts’ estimates for third-quarter revenue and profits, driven by an artificial intelligence push and increased adoption of cloud solutions globally.The company’s net income jumped 20 per cent on a yearly basis to $21.9 billion. Its earnings per share increased 20 per cent to $2.94, exceeding the expectation of $2.82.Revenue during the January-March period surged 17 per cent to $61.9 billion, passing analysts’ estimate of $60.8 billion.Microsoft’s financial year ends in June.“Microsoft [AI assistant] Copilot and Copilot Stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,” said Satya Nadella, chairman and chief executive of Microsoft.Launched in March last year, Microsoft 365 Copilot combined the power of large language models and generative AI with the company’s apps and platforms.The company has released several updates to the tool.Satya Nadella, chairman and chief executive of Microsoft. EPAThe company, based in Redmond, Washington, is investing heavily in building its AI capabilities.This month it announced an investment of $1.5 billion in Abu Dhabi’s AI and cloud company G42 to boost its global expansion plans and strengthen the UAE's position as a world technology centre.In January, it announced the addition of a new Copilot