$Microsoft (MSFT.US)$ rose more than 4% after-hours Thursday after reporting that its profit rose last quarter as excitement about artificial intelligence bolstered demand for its software and cloud services.
MSFT gained 4.8% to trade at $418 shortly before 5 p.m. ET after the tech giant said revenues rose 17% from a year earlier to $61.9 billion, beating analysts' estimates. Its net income rose 20% to $21.9 billion.
Microsoft has been among the biggest winners in the AI race thanks to its close relationship with ChatGPT maker OpenAI. The company has woven the startup's technology into an array of products called Copilot, which are AI assistants that plug into key offerings like its workplace software suite, Microsoft 365.
Artificial intelligence is also boosting demand for its cloud services. Microsoft's Azure cloud services rose 31% during the quarter.