Microsoft Beats Expectations with Strong Cloud and AI Growth in Q1 2023 Earnings

Microsoft beat revenue estimates, reporting $56.5B in sales for the quarter ending Sept 30. This was 13% higher than last year.

Earnings per share of $2.99 smashed estimates of $2.65.

Revenue from its cloud unit swelled to $24.3B, up 20% annually.

Microsoft shares rose about 5% to nearly $350 in after hours trading following the earnings beat.

Much of Microsoft's growth this year has been driven by AI, especially after the launch of ChatGPT.