Microsoft Beats Expectations with Strong Cloud and AI Growth in Q1 2023 Earnings
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Microsoft beat revenue estimates, reporting $56.5B in sales for the quarter ending Sept 30. This was 13% higher than last year.
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Earnings per share of $2.99 smashed estimates of $2.65.
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Revenue from its cloud unit swelled to $24.3B, up 20% annually.
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Microsoft shares rose about 5% to nearly $350 in after hours trading following the earnings beat.
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Much of Microsoft's growth this year has been driven by AI, especially after the launch of ChatGPT.
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