Microsoft results top Wall Street estimates on cloud boost

REUTERS -Microsoft Corp beat Wall Street expectations for quarterly revenue and profit on Tuesday, as demand soared for the software giant's cloud-based services.

Revenue in its"Intelligent Cloud" segment rose 30per cent to US$17.4 billion, with 51per cent growth in its Azure cloud-computing business, in the fourth quarter ended June 30. Analysts had expected 43.1per cent growth in Azure, according to consensus data from Visible Alpha. Microsoft's market capitalization stands at nearly US$2.2 trillion, fueling concerns among some analysts that it may be overvalued. The stock has climbed nearly 30per cent so far this year, compared with 18per cent for the overall S&P 500 Index, according to Refinitiv Eikon data based on Monday's closing price.

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