Whatever the future of AI might be, the current situation is still very good for Microsoft. The tech giant reported yet another quarterly revenue record on Wednesday: $92.3 billion , a 19% increase over the year-ago quarter.

Microsoft has now reported record-breaking revenue for 10 quarters in a row .

This is profitable revenue, too. Microsoft reported that net income reached $36.6 billion, an increase of 32% on a GAAP basis, over the year-ago quarter.

The record-breaking income was largely driven on the strength of Microsoft Cloud, which reached $63.9 billion in revenue this quarter, an increase of 30% over the year-ago quarter, Microsoft said.

Microsoft has reorganized its business reporting into two basic segments: 1) Agents and Infra and 2) Devices and Consumer. On the flip side, revenue in Devices and Consumer was $15.5 billion, decreased of 3%, with Windows OEM and devices revenue falling 22% from the year-ago quarter.

True, not all of Microsoft’s healthy cloud revenue can be attributed to AI. Microsoft 365 accounted for nearly $28 billion. But Azure brought in the most, at $33.2 billion. And again, not all of that is necessarily AI-related. Enterprises run all sorts of the traditional software and SaaS applications on Azure.

Still, a good chunk of the revenue was from AI, because Microsoft also reported $10 billion in revenue from OpenAI . Despite branching out to AWS, Oracle, and others, OpenAI still runs a lot of its services on Microsoft’s cloud. (Anthropic runs on Azure as well.) Microsoft also said its “commercial remaining performance obligation increased 73% to $677 billion.” That represents future revenue committed under existing contracts of the AI labs.

But, like all the big cloud providers, Microsoft is also spending big to prepare to deliver on those commitments. Capital expenditures topped $45.2 billion, another all-time quarterly record.

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