Two of America’s biggest companies posted combined profits of almost £35bn last night as they continued to battle for supremacy in the race to corner the market for artificial intelligence (AI).
Computing giant Microsoft said profits for the three months to the end of September rose 27pc to £18.3bn, while revenue increased 13pc to £46.5bn.
Chairman and chief executive officer of Microsoft, Satya Nadella, said the firm was ‘making the age of AI real for people and businesses everywhere.’
Computing giant Microsoft said profits for the three months to the end of September rose 27pc to £18.3bn, while revenue increased 13pc to £46.5bn
He added: ‘We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.’
Google parent Alphabet, meanwhile, reported a profit of £16.1bn for the period, up 40pc from £11.4bn last year. Sales hit £63bn, an increase of 11pc versus the previous year.
Boss Sundar Pichai said there was ‘exciting progress and lots more to come’ on AI.
The figures come as the two major tech firms scramble to take advantage of the surge in interest in AI technology in a bid to boost profits.
Social media giant Meta is set to announce its quarterly results later this evening, whilst Amazon will reveal its numbers late on Thursday.
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