This week, American Business Magnate Bill Gates added an additional $2 billion to his wealth when Microsoft shares rose following the release of stronger-than-anticipated quarterly earnings.
According to Bloomberg’s Billionaires Index, Microsoft’s stock price increased 9% on Wednesday, increasing its market value by $174 billion and increasing Gates’ overall net worth to $122 billion.
The co-founder of Microsoft currently controls 103 million shares, or around 1% of the business.
Microsoft announced first-quarter earnings of $2.45 per share on first-quarter revenue of $52.86 billion on Tuesday. The company’s earnings were $49.36 billion a year ago.
The corporation also provided an update on its AI programs, a crucial aspect of its operations, noting that AI functionality had already been introduced to its cloud storage and Bing search engine.
“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.”
“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.
