REDMOND, Washington — Microsoft on Wednesday reported an 11% increase in profit for the July-September quarter compared with the same period last year, as investors looked for signs that the company’s huge spending on artificial intelligence bear fruit.

The company reported quarterly net income of $24.7 billion, or $3.30 per share, above Wall Street expectations.

The Redmond, Washington-based software company reported revenue of $65.6 billion in the quarter, up 16% from a year ago.

Analysts polled by FactSet Research expected Microsoft to earn $3.10 per share on revenue of $64.6 billion.

Microsoft doesn’t report revenue specifically related to AI products, but says it has integrated the technology and its AI assistant, called Copilot, across all of its business segments, particularly in its Azure cloud computing contracts.