Microsoft Smashes Q3 Earnings Expectations Amid AI Business Surge

Microsoft's fiscal Q3 earnings report has exceeded Wall Street expectations, with revenue reaching $82.9 billion and earnings per share landing at $4.27.

The company's AI business has seen significant growth, reaching an annual run rate of $37 billion - a 123% increase from the same period last year.

Azure, Microsoft's cloud computing platform, grew by 40% year-over-year, with total company revenue increasing by 18%. The company also announced a $9.7 billion AI cloud deal with IREN, which will repurpose data center infrastructure originally built for cryptocurrency mining on Azure.