A temporary slowdown in new business, betting on artificial intelligence and new milestones for the security, Teams and Azure businesses were among the most important information shared by Microsoft during its earnings call for the second quarter of its fiscal year.

Following Microsoft’s announcement of 10,000 Microsoft employees getting laid off and signs of weaker spending as the United States continues to grapple with inflation and a possible recession, Microsoft acknowledged some troubling short-term trends while boasting about its investment in technology innovation and its existing products.

“The next major wave of computing is being born as we turn the world’s most advanced AI models into a new computing platform,” Microsoft CEO Satya Nadella said on the call Tuesday – where he reported results for the quarter that ended Dec. 31. “We‘re going to lead in the AI era knowing that maximum enterprise value gets created during platform shifts.”

[RELATED: Microsoft Slowdown? Partners Investing Despite ‘More Cost-Conscious’ Customers]

MSFT Q2 Earnings

Partners have told CRN that even if Microsoft growth is decelerating for their businesses, they still see potential for bringing in more revenue from customers by offering more Microsoft products and services in security, data analytics and moving legacy applications to the cloud.

Microsoft’s stock was trading at $247.54 a share Thursday afternoon, up about 2 percent from market close Tuesday.

Here’s what else you need to know.