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Microsoft with small sales increase post cuts

Microsoft posted a modest increase in sales for its second quarter, after last week announcing a 5% cut in its global workforce in response to a slowing technology market.

Revenue was $52.7 billion, an increase of 2%. Operating income was $20.4 billion GAAP and $21.6 billion non-GAAP, and decreased 8% and 3%, respectively

Net income was $16.4 billion GAAP and $17.4 billion non-GAAP, and decreased 12% and 7%, respectively

Diluted earnings per share was $2.20 GAAP and $2.32 non-GAAP, decreasing 11% and 6%.

“The next major wave of computing is being born, as the Microsoft Cloud turns the world’s most advanced AI models into a new computing platform,” said Satya Nadella, chairman and chief executive officer of Microsoft.

“We are committed to helping our customers use our platforms and tools to do more with less today and innovate for the future in the new era of AI.”

“We are focused on operational excellence as we continue to invest to drive growth. Microsoft Cloud revenue was $27.1 billion, up 22% (up 29% in constant currency) year-over-year as our commercial offerings continue to drive value for our customers,” added Amy Hood, executive vice president and chief financial officer of Microsoft.