Microsoft had a slight beat on overall revenue in the quarter, but a miss in cloud was the big disappointment, causing its stock to fall in after-hours trading. Overall, its revenue was $69.6 billion,

Beyond the headline numbers, investors focus heavily on growth for Microsoft's Azure cloud-computing business — and that came up short this time around. Microsoft reported 31% growth for Azure in constant currency.

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Days after Chinese upstart DeepSeek revealed a breakthrough in cheap AI computing that shook the U.S. technology industry, the chief executives of Microsoft and Meta defended massive spending that they said was key to staying competitive in the new field.

Fresh on the heels of a controversy in which ChatGPT maker OpenAI accused the Chinese company behind DeepSeek R1 of using its AI model outputs against its terms of service, OpenAI's largest investor Microsoft announced on Wednesday that it will now host DeepSeek R1 on its Azure cloud service.