Microsoft sails as AI boom fuels double-digit growth in cloud business

Revenue from Azure cloud business increased by 22% as company focuses attention on artificial intelligence

Microsoft reported better-than-expected earnings on Wednesday fueled by growth in its Azure cloud business, as five of the Magnificent Seven" tech megacaps roll out quarterly earnings this week.

AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process," the company's CEO, Satya Nadella, said in a press release. On an earnings call, Nadella said Microsoft's AI business was on track to surpass an annual run-rate of $10bn next quarter, which will make it the fastest growing business in our history to reach this milestone".