Net income climbed to $27.2 billion, a 24% jump one year ago, with the company also reporting earnings per share of $3.65, above expectations of $3.38 per share. Microsoft’s stock leapt 6% in after-hours trading after closing at $513.24 Wednesday.

Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.

Microsoft reveals that its Azure cloud computing platform has generated over $75 billion in annual revenue, marking a 34% increase from the previous year