Microsoft stock jumps after earnings as Azure grows 48%
Microsoft's stock popped over 2% after hours on Wednesday, right after it reported its latest earnings.
The company pulled in $92.28 billion in revenue and $4.89 per share, both better than Wall Street expected.
The real MVP? Azure, Microsoft's cloud platform, which shot up by a massive 48%.
Amy Hood says cloud revenue $63.9B
Azure's surge highlights just how much Microsoft is betting on cloud tech and AI right now.
Microsoft executive vice president and chief financial officer Amy Hood shared that total cloud revenue hit $63.9 billion (up 30% from last year).
Meanwhile, the company spent $45.2 billion on infrastructure, slightly less than some predicted, but its commercial backlog soared by 73%, hitting about $677 billion.
All eyes are now on what moves Microsoft makes next with its spending and data centers.