Microsoft (MSFT) reported fiscal third-quarter earnings on Friday, surpassing analysts’ expectations for both the top and bottom lines. This was primarily due to the robust performance of its cloud computing division.

Satya Nadella, CEO of Microsoft, said, “Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across all roles and industries.”

Microsoft announced on Thursday that the revenue growth of its Azure and other cloud services was aided by seven percentage points attributed to its AI services—six percentage points more than in Q2 and three points more than in Q1.

Microsoft first disclosed the percentage of AI contributions to Azure in the previous year’s fourth quarter, stating that it increased Azure revenue by one percentage point at a time.

Additionally, the organization predicted fourth-quarter earnings of $63.5 billion to $64.5 billion, marginally higher than the $64.7 billion anticipated by analysts.

Microsoft announced in March that it had recruited several employees, including Mustafa Suleyman, co-founder of DeepMind AI and Inflection AI, Karén Simonyan, and another co-founder of Inflection AI. Suleyman will assume the role of CEO of the Microsoft AI division.

During the company’s earnings call, Microsoft CFO Amy Hood stated that the tech behemoth foresees AI demand exceeding available capacity shortly.

Microsoft shares increased by about 2% on Friday.

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