Microsoft profits jump as cloud, AI drive quarterly growth

US tech giant Microsoft on Wednesday reported strong third-quarter results, driven by continued momentum in cloud and artificial intelligence (AI).

Revenues for the quarter rose 18% year-over-year to $82.9 billion. Net income climbed to $31.78 billion, from $25.82 billion last year.

Microsoft Cloud revenue reached $54.5 billion, up 29%, supported by robust demand across its platforms. Azure and other cloud services revenue surged 40%, while the Intelligent Cloud segment grew 30% to $34.7 billion.

In Productivity and Business Processes, which includes Microsoft 365 and LinkedIn, revenue rose 17% to $35 billion, driven by growth in Microsoft 365 and Dynamics 365. Meanwhile, the More Personal Computing segment, which covers Windows, devices and gaming, declined slightly by 1% to $13.2…