MSFT Microsoft Corporation

By Denny Jacob

Microsoft Corp. shares rose 5.8% to $286.05 Wednesday, the day after the tech giant reported higher third-quarter revenue and profit as demand for its cloud services and software continued to climb.

The company reported net income of $16.73 billion, or $2.22 a share, for the quarter ended March 31, up from $15.46 billion, or $2.03 a share, in the year-ago period. Analysts polled by FactSet were expecting $2.18 a share.

Revenue rose to $49.36 billion from $41.71 billion. Analysts polled by FactSet expected $49.02 billion.

The company's cloud business logged revenue of $23.4 billion, up 32%.

Microsoft said it expects sales for the current quarter will be between $52.4 billion and $53.2 billion. Analysts had been expecting sales of around $52.8 billion for the quarter, according to FactSet.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 27, 2022 10:14 ET (14:14 GMT)

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