Team Blitz India
NEW DELHI: Microsoft beat Wall Street estimates for third-quarter revenue and profit. This was driven by gains from adoption of artificial intelligence across its cloud services, and the company’s shares jumped more than 4% in extended trade.
Executives forecast ranges for current quarter cloud revenue that were mostly above Wall Street targets.
The rise in Microsoft shares after the bell lifted the company’s stock market value by $128 billion as profit and revenue growth overshadowed its higher-than-expected capital expenditures. In contrast, Facebook and Instagram parent Meta’s market capitalization fell by $200 billion after it warned of rising AI expenses and issued a lower-than-anticipated revenue forecast.
