Microsoft’s results exceed expectations in revenue and net income

Technology company Microsoft announced financial results for the third fiscal quarter ending March 31 after Wall Street closed Thursday, with shares rising 5% in extended trading after beating Wall Street expectations.

The company achieved earnings per share of $2.94, while expectations were about $2.82, while revenues amounted to $61.86 billion, compared to expectations of about $60.80 billion, according to “CNBC.”

Microsoft’s total revenues grew 17% year-over-year in the quarter that ended March 31, according to a company statement.

Net income, which amounted to $21.94 billion, or $2.94 per share, rose from $18.30 billion, or $2.45 per share, in the same quarter last year.

The company’s Intelligent Cloud segment, including public clouds Azure, Windows Server, Nuance, and GitHub, generated revenue of $26.71 billion.