Microsoft's revenue rises 16% in Q3 with cloud, AI

By Ovunc Kutlu

ISTANBUL (AA) - US-based tech major Microsoft saw its revenue increase 16% in the third quarter of this year, according to its financial results statement released Wednesday.

The company's total revenue came in at $65.6 billion from $56.5 billion in the same period last year.

"Microsoft 365 Consumer products and cloud services revenue increased 5%, driven by Microsoft 365 Consumer cloud revenue growth of 6%," said the statement.

Revenue in the Intelligent Cloud segment was $24.1 billion, showing an increase of 20%, it added.

"AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process," said Satya Nadella, chairman and CEO of Microsoft.

"We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," he added.

Amy Hood, executive vice president and CFO, said Microsoft Cloud posted revenue of $38.9 billion -- up 22% year-on-year.