Microsoft has revealed that its Azure cloud computing platform has generated more than $75 billion in annual revenue, marking a 34% increase from the previous year.

This announcement came during the company’s end-of-year earnings report Wednesday. Microsoft also reported a fiscal fourth-quarter profit of $34.3 billion, or $3.65 per share, surpassing analyst expectations.

Revenue for the April-June period reached $76.4 billion, an 18% increase from last year.

Meta stock surges

In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased.

Shares of Meta Platforms Inc. surged more than 9% after-hours as a result.

The Menlo Park, California-based company earned $18

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