Investing.com - Microsoft reported Tuesday fiscal second-quarter results that beat analysts' forecasts as growing demand for artificial intelligence continued to bolster growth in the the tech giant's cloud computing business.
Microsoft Corporation (NASDAQ:MSFT) fell nearly 2% in after-hours trading following the report.
Microsoft reported earnings per share of $2.93 on revenue of $62 billion. Analysts polled by Investing.com anticipated EPS of $2.77 on revenue of $61.14B.
The better-than-expected results were underpinned by growth in its cloud business Azure, which grew 30%, beating analyst estimates of 27.5%, driving up growth in its intelligent cloud segment to $25.88B, up 20% and ahead of estimates for $25.27B.
Revenue in productivity and business processes was up 13% to $19.25B, while its personal computing segment saw revenue rise about 19% to $16.89B, with the latter ahead of estimates of $16.80B.
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