Bill Gates grows fortune by $2B in one day
Microsoft referred to AI more than 50 times on Tuesday’s earning call
How will Microsoft grow as a result of artificial intelligence?
Defiance ETFs CEO and CIO Sylvia Jablonski provides insight on Microsoft's earnings and the impact of AI on 'Making Money.'
Bill Gates added another $2 billion to his bank account this week as Microsoft shares soared after the company reported stronger-than-expected quarterly results.
Microsoft's stock price jumped 9% on Wednesday, adding $174 billion to its market value, pushing Gates’ overall net worth to $122 billion, according to Bloomberg’s Billionaires Index.
People walk past a Microsoft office in New York. (AP Photo/Swayne B. Hall, File / AP Newsroom)
To date, the Microsoft co-founder owns 103 million shares equating to roughly 1% of the company.
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Microsoft on Tuesday reported first-quarter earnings of $2.45 per share on $52.86 billion in revenue for the first quarter. One year ago, the company’s revenue reached $49.36 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 409.06 | +2.00 | +0.49% |
The company also provided an update on its AI programs, a key part of its business, saying AI features had already been added to its Bing search engine and cloud storage.
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"As with any significant platform shift, it starts with innovation," Microsoft Chief Financial Officer Amy Hood said Tuesday during the earnings call. "And we are excited about the early feedback and demand signals for the AI capabilities we have announced to date."
Microsoft and OpenAI seen on screen with Bing search engine app on mobile in this photo illustration, on 10 January 2023, in Brussels. (Jonathan Raa/NurPhoto via Getty Images / Getty Images)
"We will continue to invest in our cloud infrastructure, particularly AI-related spend as we scale with the growing demand, driven by customer transformation," she added.
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