27 sources·Business

Microsoft Reports Strong Quarterly Earnings as Amazon Also Exceeds Expectations

Microsoft's quarterly revenue rises 16% while investors remain cautious; Amazon posts strong gains, driven by AI investments, signaling competitiveness in the tech sector.

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Updated: Oct 31st, 2024, 9:04 PM ET

Summary

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Microsoft announced a quarterly revenue of $65.6 billion, up 16% year-over-year, with strong AI growth in Azure and Microsoft 365. However, despite robust earnings, shares fell 6% due to cautious outlook. Meanwhile, Amazon surpassed earnings expectations with a 19% increase in AWS sales, driven by substantial investments in AI and infrastructure, setting a competitive tone ahead of the holiday season.

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