By Mucahithan Avcioglu
ISTANBUL (AA) - US tech giants Microsoft and Meta's quarterly revenues exceeded market expectations, according to the companies' financial results Wednesday.
Microsoft's revenue increased by 13% in the fiscal third quarter ending in March compared to the same period last year, rising to $70.1 billion and exceeding the London Stock Exchange Group's market expectation of $68.42 billion.
Its net profit increased by 18% to $25.8 billion in the same period.
The company's earnings per share rose from $2.94 to $3.46 during the period.
In his assessment of the company's balance sheet, Microsoft CEO Satya Nadella said that cloud and artificial intelligence are key inputs for every business to increase output, reduce costs and accelerate growth. Nadella said they offer the best service to customers by innovating at every layer, from artificial intelligence infrastructure and platforms to applications.
- Meta's revenue up 16%
The revenue of Meta, the owner of Facebook, Instagram and WhatsApp, increased by 16% in the first quarter to $42.3 billion, surpassing the LSEG's market expectation of $41.4 billion.
Meta's net profit soared 35% to $16.6 billion in the January to March period.
The company's earnings per share, which was $4.71 in the first quarter of last year, increased to $6.43 in the same period of this year.
The company said it expects revenues of between $42.5 billion and $45.5 billion in the second quarter.
Meta CEO Mark Zuckerberg, in his assessment of the company's financial results, said they made a strong start to an important year.
Noting that they have made good progress on artificial intelligence glasses and Meta AI, Zuckerberg said that Meta AI now has almost 1 billion monthly active users.