Microsoft shares soar after beaten profit forecast on cloud growth

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Updated at 4:28 PM EST

Microsoft (MSFT) – Get a free report posted better-than-expected second-quarter results late Tuesday, with stable growth rates for its main cloud computing division driving its shares significantly higher in after-hours trading.

Microsoft said revenue for Azure, its flagship cloud division, was up 31% year-over-year, above Street forecasts, but slowed from previous 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.

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