Microsoft Corp. said its cloud-computing business will continue to grow slowly in the current quarter as the company struggles to build enough data centers to handle demand for its artificial intelligence products.

Microsoft's capital expenditures hit $22.6 billion, above analysts' consensus estimate of $20.95 billion, according to data from Visible Alpha. Microsoft shares dipped 1.3% on news of the higher spending and slower growth relative to Wall Street expectations.

Microsoft has spent months touting a rebound in its Azure cloud business and its quarterly revenue forecast on Wednesday will show whether billion-dollar bets on artificial intelligence are propelling increased growth in its main profit engine.

Microsoft reported that its flagship cloud computing business experienced a slowdown in growth amid constraints on data center supply.

MILWAUKEE — Microsoft bought 240 acres of land from Kenosha with goals for future data center development.

Microsoft reported slower-than-expected growth in its crucial Azure cloud business on Wednesday despite beating estimates for overall quarterly revenue, sending its shares down 4% in extended trading.