Microsoft quarterly profit falls 12% but cloud computing business shows strength

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03:23 Now playing - Source: CNN Late night roasts Trump over NFT trading cards 01:12 Now playing - Source: CNN Business CNN — Microsoft on Tuesday posted weaker-than-expected revenue and a double-digit percentage drop in profit for the final three months of last year amid broader economic uncertainty and reduced demand for personal computers and software.
“The next major wave of computing is being born, as the Microsoft Cloud turns the world’s most advanced AI models into a new computing platform,” CEO Satya Nadella said in a statement accompanying the results.
The deepening partnership between the two companies – Microsoft was an early investor in OpenAI – could help catapult Microsoft as an AI leader and pave the way for the company to incorporate elements of ChatGPT into some of its hallmark applications, such as Outlook and Word.