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Over 2.6M Electronic Transactions Carried Out Through Saudi Arabia's Absher Platform in July

Absher is a smartphone application allowing users in Saudi Arabia to use different government services
Absher is a smartphone application allowing users in Saudi Arabia to use different government services
TT
TT

Over 2.6M Electronic Transactions Carried Out Through Saudi Arabia's Absher Platform in July

Absher is a smartphone application allowing users in Saudi Arabia to use different government services
Absher is a smartphone application allowing users in Saudi Arabia to use different government services

The electronic platform "Absher," managed by the Saudi Ministry of Interior, facilitated in July over 2.6 million electronic transactions for citizens, residents, and visitors through the ministry's various sectors' electronic services.

These services were successfully executed by the Interior Ministry’s Agency for Civil Affairs, the General Directorate of Passports, and the General Traffic Department of Public Security.

Among the transactions conducted, the platform processed 172,281 requests for document delivery via mail, responded to 5,012 general inquiries related to fingerprinting, and issued 9,719 reports using the Absher reporting service.

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Microsoft Beats Expectations, But AI Concerns Force Shares Down

FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)
FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)
TT
TT

Microsoft Beats Expectations, But AI Concerns Force Shares Down

FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)
FILE - The Microsoft logo in Issy-les-Moulineaux, outside Paris, France, April 12, 2016. (AP Photo/Michel Euler, File)

Microsoft delivered solid quarterly results on Wednesday, beating analyst expectations with revenue jumping 16 percent to $65.6 billion, but questions were raised about the company's big spending on the AI boom.
The tech giant reported net income of $24.7 billion for the quarter ending September 30, marking an 11-percent increase from the same period last year. Earnings per share rose 10 percent to $3.30, AFP said.
The company attributed the solid performance to robust growth in its cloud computing and artificial intelligence businesses.
"AI-driven transformation is changing work... and workflow across every role, function, and business process," said Microsoft CEO Satya Nadella, adding that the company was winning new customers through its AI platforms and tools.
The Redmond-based company has been at the forefront of the generative AI revolution, largely thanks to its partnership with OpenAI, the creator of ChatGPT.
The company has rolled out AI features at a furious pace, mainly under its Copilot brand, leaving investors hopeful for a return on investment from the expensive technology.
But the tech giant warned that its gross margin outlook for its crucial cloud division, or how much money it expects to make, was going to be lower just as its investment in AI infrastructure was set to grow.
The news sent Microsoft's share price down by nearly four percent in after-hours trading.
"Microsoft's latest earnings came in a bit above expectations, but the results may leave some investors wanting more clarity," said Emarketer senior director Jeremy Goldman.
"The true wildcard this quarter has been Microsoft's AI investments. It's pouring cash into building out infrastructure, with major capex implications. Yet, the revenue returns from AI remain more of a promise than a present reality," he added.
Azure, Microsoft's cloud computing platform, saw strong growth with revenue increasing 34 percent, when adjusted for currency fluctuations.
During the quarter, Microsoft also returned $9.0 billion to shareholders through dividends and share repurchases, helping pump up share value.
With the jitters over Microsoft's massive outlays on AI, the company has trailed other tech giants on Wall Street this year, gaining just over 15 percent, while Meta has surged 70 percent and Amazon climbed nearly 30 percent.
In a notable development, Microsoft's gaming division showed substantial growth, with Xbox content and services revenue surging 61 percent, primarily due to the recent Activision Blizzard acquisition, which contributed 53 percentage points to this increase.
Google parent company Alphabet on Tuesday set the scene for the tech earnings season with a solid report, as its cloud computing division posted strong results on the back of AI adoption by search engine users.