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Earnings Results: Microsoft stock rises after cloud-powered earnings beat

Microsoft Corp. stock rose more than 4% in the extended session Wednesday after the company’s cloud divisions pushed the software giant to a top- and bottom-line beat.

The Redmond, Wash.-based company reported profit well above what Wall Street had expected, posting a net income jump of 34% to $8.8 billion, which amounts to earnings of $1.14 a share. Analysts polled by FactSet had expected net income of $7.46 billion, or 94 cents a share. Sales also topped expectations, up 19% to $29.08 billion compared with the year-earlier period.

Shares in the tech giant rose 4.3% in the extended session after closing down 5.4% to $102.32 during the regular session.

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