Microsoft quarterly profit takes a hit from job cuts and AI spending

Microsoft Corp (MSFT.O) on Tuesday forecast a strong end to the year thanks to demand for its cloud-computing services and a growing customer base for software that companies use to create AI-powered applications.<br><br>But quarterly profit fell 22%, hurt by aggressive spending on artificial intelligence and a $1.2 billion restructuring charge to cover the cost of layoffs, Microsoft said in its earnings report.