When we wrote our Microsoft research post on November 17, 2022, it was trading at $241.68 and we were bullish. Microsoft was trading down from its 5-year high, but today the stock is up 2.68% and as we head into February 2023, we are feeling more bullish and think 2023 can be a breakout year. A few days ago, Microsoft reported revenue of about $52.75 billion for its fiscal 2023 second quarter, which met the company's guidance of $52.85 billion. Although this represents a 2% decline from the previous year, we were pleased to see Microsoft's cloud computing platform, Azure, showing strong growth with a 31% increase from the previous year or 38% on a constant currency basis. The Intelligent Cloud segment revenue was up 18% overall. Microsoft's Windows, devices, and gaming businesses saw significant year-over-year declines.
Although market conditions are volatile, we believe it is better to "water the flowers" in your investment portfolio during challenging economic times. As market conditions improve, we believe that momentum players will begin to take positions in technology companies that have sustainable moats. Microsoft is such a company. The company's focus on helping customers optimize spending on Microsoft services should help retain customer loyalty and reinvigorate spending once macroeconomic pressures abate.
Most importantly, Microsoft also announced a strengthening partnership with OpenAI, making Azure the exclusive cloud provider for OpenAI's technology and reportedly owning an approximately 49% stake in OpenAI after a $10 billion investment, positioning Microsoft as a leader in AI. This allows Microsoft to gain a leg-up on Google and have an artificial technology that it can embed into its Microsoft 365 Office platforms. Over-time, we believe this will allow Microsoft to increase its pricing to locked-in corporate customers. Microsoft's technology platform for both individuals and business users is critical and will continue to be needed. Whether it be individuals using Microsoft Word for job resumes or using Excel to calculate monthly budgets, Microsoft's tools are priceless. Business users have similar needs. Whether employees are at home or in the office, they need Microsoft tools. LinkedIn is emerging and growing player in the social media space.
At today's price of $248.16, we view the stock as still under pressure due to the pending Activision acquisition, which is being held up by lawsuits and uncertainty in global markets. At the moment though, its competitor Google is also tied up in its own anti-trust lawsuit. We believe that as the U.S. government's focus turns to Google, the Activision acquisition will eventually close. As the economy starts to stabilize, we believe that Microsoft's stock will be poised to significantly grow from current levels.
Founded in 1998, The Independent Adviser Corporation has assisted thousands of individuals, families, and businesses. We are 100% independent and 100% objective and offer free private consultations. Our company publishes free investment research and educational materials, and when financial or legal advice is needed, we connect individuals with a network of FEE-ONLY professionals. What are you waiting for? For more information, become a member or to schedule a free consultation with a Fee-Only adviser in your area, please visit our website at TheAdviser.com or 1800ADVISER.COM.