Microsoft’s quarterly earnings exceed expectations with the support of cloud services

Microsoft Corp. posted better-than-expected quarterly earnings as strong performance from its cloud services business helped offset its decline in the personal computer market, sending the company’s shares up 4% in transactions outside of office hours.

Microsoft’s strong results are likely to allay fears of a collapse in the technology sector, which has laid off thousands of employees in anticipation of an economic downturn, according to Reuters.

Microsoft’s revenue rose 2 percent to $52.7 billion in the three months

Microsoft said on Tuesday that revenue from its Azure cloud service rose 31% in the second quarter, in line with estimates for the Visible Alpha platform, while the overall intelligent cloud industry reported revenue of $21.5 billion, versus expectations compiled by Wall Street’s Refinitiv. With revenue of $21.4 billion.

Microsoft’s revenue rose 2 percent to $52.7 billion in the three months to December 31, compared with a median analyst estimate of $52.94 billion, according to Refinitiv’s brokerage system.

On an adjusted basis, Microsoft’s earnings were $2.32 per share, compared with expectations of $2.29.

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