Microsoft stock is nearly 10% below its 52-week high despite surpassing revenue and earnings estimates, mainly due to slower growth in its Azure cloud business.
Azure is still the cornerstone of Microsoft's long-term growth strategy, accounting for a 20% share of the global cloud infrastructure services market.
AI workloads have been a major growth catalyst for Azure, contributing nearly 8 percentage points to the cloud-computing business's year-over-year revenue growth.
Microsoft noted a 60% year-over-year increase in the number of Azure AI customers to 60,000, alongside a rise in average spend per customer.
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