Microsoft earnings beat expectations on cloud computing growth

Microsoft on Thursday reported earnings that far exceeded Wall Street's expectations due partly to strong ongoing growth from its Azure cloud services and LinkedIn. The software giant reported profit of $13.19 billion, or $1.71 a share, up from $8.87 billion, or $1.14 a share, in the same period last year. Analysts had expected profit of $1.21 a share, MarketWatch reports.

Microsoft wrapped up its 2019 fiscal year with $36.8 billion in net profit, a 21.6 percent increase over the previous year. Sales increased by more than 14 percent. Chief Financial Officer Amy Hood said the company expects sales and operating profit to continue growing by double digits in the coming fiscal year, too. Microsoft shares gained more than 1 percent in after-hours trading after closing up by 0.1 percent on Thursday.