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- Microsoft reported its fourth-quarter earnings on Wednesday.
- Shares in the tech giant jumped after earnings came in above estimates.
- CEO Satya Nadella said that cloud and AI continue to drive the company’s growth.
Microsoft stock surged in after-hours trading on Wednesday after the tech giant beat analysts’ expectations for another straight quarter.
Shares were up over 8% after hours following Microsoft’s strong earnings report. As a result, Microsoft went over $4 trillion in market cap, joining Nvidia as the only other company in history to do so.
Microsoft reported fourth-quarter revenue of $76.4 billion and earnings of $3.65. Analysts surveyed by Bloomberg expected quarterly revenue of $73.89 billion and earnings of $3.37 per share.
CEO Satya Nadella said that cloud and AI continue to fuel the company’s growth.
“Cloud and AI is the driving force of business transformation across every industry and sector,” Nadella said in a statement. “We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”
Wednesday’s earnings look different than those in the past. That’s because for the first time, Microsoft detailed the revenue it is making from Azure, its cloud computing platform.
The company was so famously tight-lipped about how much revenue its Azure cloud generates that even former CEO Steve Ballmer once called for more transparency.
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