Microsoft Corporation (MSFT) has successfully transitioned to cloud computing from its past focus on data centers and packaged software. For the fiscal 2023 first quarter ended September 30, 2022, the company reported revenue of $50.12 billion, up 11% year-over-year, primarily driven by growth in Intelligent Cloud and Productivity and Business Processes.
The company’s Intelligent Cloud revenue increase was driven by Azure and other cloud services, while Productivity and Business revenue was driven by Office 365 Commercial and LinkedIn.
Moreover, the tech giant races to stake out its place in the generative artificial intelligence (IT) field. The company is considering a $10 billion investment in San Francisco-based research outfit OpenAI, which grabbed headlines last month with the launch of ChatGPT. MSFT is expected to add ChatGPT to its cloud-based Azure service “soon,” building on an existing relationship between the two companies.
The company’s financial strength positions it to pay attractive dividends to its shareholders. MSFT has a record of increasing its dividend for 18 consecutive years. On November 29, its Board of Directors declared a quarterly dividend of…
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