Microsoft reported a 10% increase in profit for the October-December quarter, benefiting from its substantial investments in artificial intelligence technology. Net income reached $24.1 billion, surpassing Wall Street's expectations, alongside a revenue boost to $69.6 billion—12% higher than the previous year. However, Microsoft's cloud business, integral to its AI strategy, saw a slight miss in projected revenue growth. Concerns over competition from a new AI competitor led to a 5% drop in shares after hours, despite overall positive quarterly results and a solid performance in other business segments.
"Microsoft's profit for the October-December quarter grew 10% as it aims to leverage significant investments in AI technology, although cloud revenue saw slight miss."
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