Microsoft reports upbeat earnings, revenue
The company's stocks rose as much as 6% in extended trading overnight
Stocks impacted: Microsoft (MSFT)
After the market closed on Tuesday, Microsoft reported earnings for the second quarter of its fiscal year. According to the statement, the company’s revenue grew 17% on an annualized basis, up from 12% growth in the prior quarter. Meanwhile, revenue from its Intelligent Cloud business, which includes cloud business Azure, totaled $14.60 billion while revenue in productivity and business processes was up 13% to $13.4 billion. Azure grew 50% in the quarter, up from a growth rate of 47% in the third quarter of last year. Its overall commercial cloud business reached $16.7 billion in sales for the quarter. Following the report, Microsoft stocks rose as much as 6% in extended trading overnight.
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