Microsoft Shares Rally After Earnings Beat, Rise In Cloud Revenue

Microsoft Corp. shares rallied in the extended session Tuesday after the company topped Wall Street estimates for the fiscal fourth quarter. Microsoft shares surged 3% to $54.68 after hours on heavy volume. The company reported adjusted fiscal fourth-quarter earnings of 69 cents a share on adjusted revenue of $22.64 billion. Analysts surveyed by FactSet had estimated earnings of 58 cents a share on revenue of $22.16 billion. Microsoft said cloud revenue grew by 7% to $6.7 billion, led by a 102% jump in revenue from its Azure service, which completes with Amazon.com Inc.'s web services.