Microsoft increases quarterly revenue by 13% to $56.5 billion

Microsoft Corporation increased its revenue by 13% to $56.5 billion in the first fiscal quarter ended September 30. This is the largest increase in the last six quarters, reports Bloomberg.

Microsoft’s profit for the period increased by 27% to $22.3 billion. The strong result was the result of the growth of the company’s cloud business amid demand for new artificial intelligence products.

This is the company’s Azure cloud service. Revenues in this segment grew by 29%. In the quarter ending in December, the figure may increase by 26-27%.

“If we see stabilization in Azure then the euphoria returns,” said Dan Morgan, senior portfolio manager at Synovus Trust Co.

By the way, on October 13, Microsoft officially announced a merger with Activision Blizzard. The value of the historic deal amounted to $68.7 billion. Microsoft’s intentions to acquire Activision Blizzard became known in early 2022. However, the deal has raised concerns among regulators. The last of them, in the UK, ultimately approved the merger, so the deal became possible.