Microsoft on Wednesday reported a 11% increase in profit for the July-September quarter compared to the same time last year as investors looked for signs that the company’s huge spending on artificial intelligence is paying off.The company reported quarterly net income of $24.7 billion, or $3.30 per share, which beat Wall Street expectations. The Redmond, Washington-based software maker posted revenue of $65.6 billion in the quarter, up 16% from last year. Analysts polled by FactSet Research were expecting Microsoft to earn $3.10 per share on revenue of $64.6 billion.
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