Microsoft Stock Leaps After Topping Earnings Forecast On Cloud Gains

Updated at 4:28 pm EST

Microsoft  (MSFT) – Get Free Report posted better-than-expected second quarter earnings late Tuesday, with stable growth rates for its key cloud computing division, sending its shares firmly higher in after hours trading.

Microsoft said revenues for Azure, its flagship cloud division, rose 31% from last year, topping Street forecasts but slowing from earlier gains in the mid to high 40-percent range as companies continue to pull back on digital infrastructure spending and the dollar continued its 2022 climb.