Meanwhile, Alphabet announced revenues in the second quarter on Tuesday (25th July 2023), and reported net profit of
$18.4 billion was well ahead of the
$16.9 billion expected by Wall Street. Revenue from Google ads, YouTube ads and Google Cloud all beat forecasts. The company said that the “growth is expected to continue as AI tools are implemented and adopted” across businesses in the coming months. The tech giant’s revenue for the quarter stood at
$74.6 billion, up 7% year-on-year (YoY) from
$69.7 billion in the year-ago period.
Microsoft also announced its fourth and final quarter of its 2023 fiscal financial results, posting a
$56.2 billion in revenue and a net income of
$20.1 billion during
Q4. While revenue is
up 8% and net income also increased by
20%, the company reported a slowdown in growth of parts of its business, such as its cloud service Azure, despite the company’s various investments in AI including its partnerships with
OpenAI and Meta..
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Techcircle