Microsoft beats Q2 earnings on AI, cloud strength

News Snapshot:

Microsoft (MSFT) announced its second quarter earnings on Tuesday, beating expectations on the top and bottom lines. The company reported adjusted earnings per share of $2.93 on revenue of $62 billion, beating expectations of adjusted EPS of $2.78 on revenue of $61.1 billion. The beats, however, failed to completely satisfy investors, as the stock moved about 1% lower in premarket rading Wednesday. Microsoft's all-important cloud revenue topped out at $33.7 billion, beating estimates of $32.2 billion. The company's Intelligent Cloud business, which includes its Azure service, came in at $25.8 billion versus expectations of $25.3 billion. According to the company,...