Microsoft has announced an 11% rise in profits for the quarter spanning July to September when compared to the equivalent period last year, as stakeholders seek indicators that the company’s significant investments in artificial intelligence are yielding positive results.

The tech giant revealed a net income of $24.7 billion, translating to $3.30 per share, surpassing the expectations set by Wall Street analysts.

Based in Redmond, Washington, Microsoft reported that its quarterly revenue reached $65.6 billion, reflecting a 16% increase from the previous year.

Forecasts from analysts affiliated with FactSet Research had anticipated that Microsoft would achieve earnings of $3.10 per share based on revenue of $64.6 billion.

Although Microsoft does not disclose earnings generated specifically from its AI offerings, the company has noted that it has integrated artificial intelligence across all its business divisions. This includes the implementation of its AI assistant, known as Copilot, particularly within its Azure cloud computing services.