Nadella says Microsoft will invest to take share, build amid economic uncertainty
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Microsoft (NASDAQ:MSFT) CEO Satya Nadella said the tech giant will still invest to take market share and build new businesses amid the ongoing economic uncertainty, but it will do so with "intense execution."
"In this environment, we're focused on three things," Nadella said, pointing to taking share and going after new businesses, but that Microsoft (MSFT) is the best positioned company to help its customers "do more with less." 
Nadella also noted the number of record $100M deals and $1B+ deals that the company signed throughout the year as signs that Microsoft's (MSFT) Azure is still growing strongly.
Chief Financial Officer Amy Hood echoed those thoughts, adding that Microsoft (MSFT) has not seen any weakening in big corporate deals.
For the period ending June 30, Microsoft earned $2.23 per share on $51.9B in revenue, up 12% year-over-year, the slowest growth in two years.
The Redmond, Washington-based Microsoft (MSFT) generated $25B in commercial cloud related revenue. Other segments, including Productivity and More Personal Computing, which houses Windows, accounted for $16.6B and $14.36B in revenue, respectively. 
Intelligent Cloud, which houses Azure, generated $20.9B in revenue, up 20% year-over-year. Azure was of particular note for Microsoft (MSFT), as revenue grew 40% year-over-year, or 46% in constant currency, the company said. 
Microsoft (MSFT) said results were impacted by $595M worth of foreign exchange headwinds, more than what it told investors last month when it said it had a $460M impact from foreign exchange headwinds.
In addition, Windows-related revenue was impacted by $300M due to China's COVID-related shutdown earlier this year.
Earlier this month, UBS listed Microsoft (MSFT) as one of its favorite investment ideas.
Last week, it was reported that Europe's antitrust regulator was looking into whether Microsoft's (MSFT) planned $69B purchase of Activision (ATVI) may shut out rivals.