Microsoft reaches new financial heights with 18% revenue growth and 33% profit increase, thanks to artificial intelligence and cloud technologies
Microsoft’s financial results for the second quarter of 2024 show that the tech giant is gaining momentum, with revenue reaching $62.02 billion, up 18% year-on-year. This jump is due to the company’s significant investments in artificial intelligence (AI) and cloud computing, especially in Azure cloud services, which grew by 20% to $25.88 billion. The number of Azure AI customers grew to 53,000, with a third of them joining in the last year, underscoring the growing demand for AI solutions.
CEO Satya Nadella noted a significant increase in customer commitments, some of which have pledged to spend more than $1 billion on Azure, which indicates the company’s deepening relationships in the cloud computing sector. Microsoft’s net profit amounted to $21.87 billion, up 33% year-on-year, exceeding analysts’ forecasts by $0.14 per share. The Xbox business also showed significant growth, up 61% following Activision’s acquisition of Blizzard, demonstrating Microsoft’s diverse strength in the technology sector.
