CHART: Microsoft posted a solid performance for fiscal Q3 FY24 driven by its cloud business

Microsoft delivered a resounding performance in its third fiscal quarter of financial year 2024, which ended March 31st, exceeding analyst expectations across the board.

Revenue surged by an impressive 17% to $61.9 billion ahead of analysts' projection of $60.77 billion, while profits climbed 20% to reach $21.9 billion. Earnings per share hit a high of $2.94, further solidifying Microsoft's position as the world's most valuable company with a market capitalization of nearly $3 trillion.

Significant gains in Azure and AI services were highlighted as key drivers behind this stellar performance, underscoring Microsoft's competitive edge in cloud computing.

Notably, demand for AI solutions is currently outpacing available capacity, prompting Microsoft to invest a record-breaking $14 billion in data centres and computing infrastructure specifically designed to train and run AI models.