Microsoft Beats Expectations on Azure Cloud Growth

Microsoft shares rose over five percent on Wednesday after reporting better-than-expected revenue of $92.3 billion and profit exceeding $36.6 billion for the September quarter.

The strong financial performance was primarily driven by its Azure cloud computing division, which recorded 48 percent growth during the quarter.

The quarterly results follow Microsoft's recent announcement of voluntary exit packages offered to roughly 60,000 employees as the company ramps up investments in artificial intelligence.