Microsoft Cloud drives tech giant’s revenue

Microsoft posted increased revenue year over year in its fiscal second quarter driven by its commercial business, specifically Microsoft Cloud. WHY IT MATTERS: In the first half of fiscal 2023, more than 70% of revenue came from commercial business, and over 70% of the commercial business derived from Microsoft Cloud, Chief Financial Officer Amy Hood said during Tuesday’s earnings call. [caption id="attachment_221426" align="alignright" width="300"] Photo by Krisztian Bocsi/Bloomberg Mercury [/caption] BY THE NUMBERS: Microsoft posted in Q2: Revenue increased 2% YoY to $52.7 billion; Operating expenses increased 11% YoY to $14.4 billion; and Microsoft Cloud revenue increased 22% YoY to $27.1 billion. STATE OF PLAY: Microsoft stock dipped 3.13% to $234.47 at market open today as the tech giant experienced a cloud outage early this morning, according to Microsoft’s website. "We’ve isolated the problem to networking configuration issues, and we’re analyzing the best mitigation strategy to address these without causing additional impact,” the company said on Twitter . NOTEWORTHY: This week, Microsoft invested $10 billion in fintech OpenAI , which supports AI tool ChatGPT . “[Monday] we announced the completion of the next phase of our agreement with OpenAI,” Microsoft Chief Executive Satya Nadella said during the call, noting, “All of this innovation is driving growth across our Azure AI services.” FLASHBACK: In October, Microsoft launched new capabilities in its Cloud for Financial Services platform to enhance risk, compliance and digital services for its financial institution clients including Wells Fargo , the tech giant said during an October webinar. FUTURE LOOK: Microsoft witnessed increased tech spend by its clients and has shifted its priority to optimizing those technologies, Nadella said. “This is an important time for Microsoft to work with our customers, helping them realize more value from their tech spend and building long-term loyalty and share position while internally aligning our own cost structure with our revenue growth,” he said. [stock_market_widget type="inline" template="generic" assets="MSFT" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" display_currency_symbol="true" api="yf"] Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1674678690456.1674684033438.756&__hssc=41615677.3.1674684033438&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1674678690456.1674684033438.756&__hssc=41615677.3.1674684033438&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

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