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Microsoft has reported a 27% increase in profit for the July-September quarter compared to the same time last year REDMOND, Wash. -- Microsoft on Tuesday reported a 27% increase in profit for the July-September quarter compared to the same time last year, powered by growth in its cloud computing division where it has centered its investments in artificial intelligence. The company reported quarterly net income of $22.29 billion, or $2.99 per share, which beat Wall Street expectations. The Redmond, Washington-based software maker posted revenue of $56.52 billion in the quarter, up 13% from last year, also beating expectations. Analysts polled by FactSet Research expected Microsoft to earn $2.65 per share on revenue of $54.52 billion. Analysts are currently projecting Microsoft will produce revenue of $58.67 billion for the October-December quarter. CEO Satya Nadella said in a prepared statement that the software company is “rapidly infusing AI across every layer of the tech stack” to d...

The U.K. Treasury says the amount of public funding for King Charles III and the royal family’s official duties has been recalculated for next year because of an unexpected profit boost from offshore wind farms on the monarch’s Crown Estate LONDON -- The amount of public funding for King Charles III and the royal family's official duties has been recalculated for next year because of an unexpected profit boost from offshore wind farms on the monarch's Crown Estate, the U.K. Treasury said Thursday. Treasury officials say they will halve the proportion of the crown estate’s profit s paid to the royal s from 25% in recent years to 12% next year. Charles and the royal family receive an annual Sovereign Grant from the Treasury that is based on a proportion of profits from the crown estate, a vast collection of land and property across the U.K. The crown estate is run independently and has assets worth around 16 billion pounds (nearly $20 billion), including some of London’s most ex...