Microsoft reported notable third-quarter earnings with an adjusted EPS of $3.46 on revenue of $70.1 billion, surpassing analyst expectations. The company saw a year-over-year cloud revenue increase of 20%, with Azure's public cloud revenue growing by 33%. Expectations for Q4 are high, with anticipated Azure growth between 34% and 35%. KeyBanc analyst Jackson Ader acknowledged the unexpected strength in performance, stating the company's recent results undermine prior downgrades. Overall, market sentiment remains positive, particularly with ongoing investments in artificial intelligence.
Our downgrade looks pretty foolish right now. No need to hide from it. The company subsequently put up one of its best quarters in recent memory.
Azure Q4 revenue growth is expected to be from 34% to 35% driven by strong demand from our portfolio of services.
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