Indrajit S Saluja
SAN FRANCISO: Tech titans Google and Microsoft announced better-than-expected earnings on July 27 as the frenzy over artificial intelligence stokes investor excitement and breathes a new life into the sector.
The release of ChatGPT last year landed as technology giants were embarking on major layoffs and cost-cutting plans, with share prices hammered after flying high during the coronavirus pandemic.
For the second consecutive quarter, Microsoft has more than reversed the trend, seeing profits and sales soaring to the highest levels ever for the 48-year-old company co-founded by Bill Gates.
An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations.