Microsoft's Azure grows 48 percent while the company stays cash positive

Microsoft reported revenue of about 92 billion dollars for the quarter to September, up 19 percent. Azure revenue grew 48 percent to about 33 billion dollars. This is the first quarter in which Microsoft reports an Azure revenue figure on its own. Spending on property and equipment was about 39 billion dollars. Unlike some rivals, the company still produced strong positive cash flow.

The wider Microsoft Cloud reached about 64 billion dollars, up 30 percent. Operating income rose 21 percent to about 46 billion dollars. Results landed the same evening as Alphabet's and drew the opposite market reaction, which shows investors now judge AI spending by whether it pays for itself.