Microsoft on Thursday exceeded analysts’ estimates for third-quarter revenue and profits, driven by an artificial intelligence push and increased adoption of cloud solutions globally.
The company’s net income jumped 20 per cent on a yearly basis to $21.9 billion. Its earnings per share increased 20 per cent to $2.94, exceeding the expectation of $2.82.
Revenue during the January-March period surged 17 per cent to $61.9 billion, passing analysts’ estimate of $60.8 billion.
Microsoft’s financial year ends in June.
“Microsoft [AI assistant] Copilot and Copilot Stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,” said Satya Nadella, chairman and chief executive of Microsoft.
Launched in March last year, Microsoft 365 Copilot combined the power of large language models and generative AI with the company’s apps and platforms.
The company has released several updates to the tool.
The company, based in Redmond, Washington, is investing heavily in building its AI capabilities.
This month it announced an investment of $1.5 billion in Abu Dhabi’s AI and cloud company G42 to boost its global expansion plans and strengthen the UAE's position as a world technology centre.
In January, it announced the addition of a new Copilot key on the Windows keyboard to support the adoption of AI in its hardware products.
The company's stock, which has gained almost 8 per cent since the start of this year, surged more than 4.4 per cent to $416.6 a share in after-hours trading on Thursday.
Its share price was $399 at market close, giving Microsoft a value of $2.97 trillion.
Revenue in Microsoft’s intelligent cloud division, which includes Azure public cloud, increased 21 per cent annually to $26.7 billion, higher than the $26.2 billion consensus of analysts surveyed by StreetAccount.
Sales from Azure and other cloud services, which Microsoft does not report in dollars, grew by about 31 per cent.
Since 2016, Microsoft has committed to building Azure into an AI supercomputer for the world, as the foundation of its vision to democratise artificial intelligence.
“While several tech companies failed to keep on growing at the same pace as they did in the past quarters due to the widespread margin shrinkage both on the costs and revenue sides, Microsoft's AI and cloud growth numbers show that the company managed to sail through the quarter unfazed,” Thomas Monteiro, senior analyst at Investing.com, told The National.
“This shows that companies worldwide are increasingly betting their futures on AI and big data … and are doing so by using Microsoft's comprehensive and best-in-breed offerings.”
Microsoft's productivity and business processes division, which includes its Microsoft Office business and revenue from LinkedIn, surged 12 per cent to $19.6 billion in the March quarter.
LinkedIn revenue increased almost 10 per cent annually. Microsoft did not give a dollar figure for its LinkedIn revenue and did not disclose the number of users.
Subscribers to Microsoft 365 Consumer – a bundle of various apps – increased to 80.8 million at the end of the past quarter, up over 3 per cent on a quarterly basis, the company said.
Sales in the personal computing division surged 17 per cent to $15.6 billion in the quarter.
Search and news advertising revenue excluding traffic acquisition costs increased 12 per cent, while devices revenue decreased 17 per cent.
Xbox content and services revenue increased 62 per cent in the third quarter.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
UAE currency: the story behind the money in your pockets
Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Result
Arsenal 4
Monreal (51'), Ramsey (82'), Lacazette 85', 89')
West Ham United 1
Arnautovic (64')
