AI and cloud technology are quickly becoming extremely important to the world's largest technology companies, with companies such as Microsoft, Google, and Amazon investing heavily in developing AI and cloud services.
With a report predicting that generative AI (Gen AI) will add nearly US$10 trillion to global GDP over the next decade, the world's largest companies are announcing AI initiatives and integrating the technology into productivity software and search engines. We have incorporated it into our core products, such as: , cloud platforms, etc.
Meanwhile, the cloud computing model of delivering services over the Internet has reshaped the technology landscape. As companies move from selling software packages to offering cloud-based subscriptions, having a robust AI-powered cloud platform is essential for these tech giants to take advantage of this transformation.
Microsoft: Azure revenue growth and focus on AI
Microsoft announced impressive financial results for the third quarter of fiscal 2024, showing how the tech giant's focus on cloud computing and AI is paying off.
Microsoft's investment in AI has helped it overtake Apple as the world's largest company in terms of market capitalization. In a much-anticipated announcement, the company reported third-quarter fiscal 2024 sales growth of 17% year-on-year to USD 61.9 billion, operating profit surging 23% and net profit increasing 20% to USD 21.9 billion. bn.
“Microsoft Copilot and the Copilot Stack are orchestrating a new era of AI transformation to drive better business outcomes across every role and industry,” said Satya Nadella, Microsoft Chairman and CEO. We emphasize that we are making significant investments in our services.
Amy Hood, Microsoft's chief financial officer, highlighted the company's cloud momentum, saying, “Microsoft Cloud revenue for the quarter was up 23% year-over-year, driven by strong execution from our sales team and partners. 35.1 billion,” he said.
Microsoft's intelligent cloud division, which houses Azure cloud services, led Microsoft's growth, with revenue increasing 21% to $26.7 billion. Azure and other cloud products recorded his 31% revenue increase.
