# Microsoft Corp.’s cloud business reported growth that narrowly beat analysts’ estimates.

*business · news · 2026-04-29 · Financial Post*

## Key points

- Microsoft Azure revenue grew 39% in Q3, just above the 38% analyst estimate.
- Twenty million customers now pay for Copilot, up from 15 million last quarter.
- Microsoft's capital expenditures were $31.9 billion, below the $35.3 billion analyst estimate.
- Microsoft's AI business annual revenue run rate surpassed $37 billion, more than doubling year over year.
- Microsoft has struggled to bring data center capacity online fast enough to meet AI demand.

**Companies:** Microsoft Corp.
**Countries:** Canada

[Read the full story on Financial Post](https://financialpost.com/investing/microsoft-cloud-growth-fails-ease-investors-ai-concerns)

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