Microsoft Income Grows 48% to $21 Billion

Shares of Microsoft rose 2% in extended trading on Tuesday after the software and hardware maker reported fiscal first-quarter earnings that beat analyst estimates.

The company's total revenue was up nearly 22% year-on-year, according to the statement, the fastest growth since 2018, from 21% in the previous quarter.

Microsoft also reported $20.5 billion in net income, growing 48%.

The U.S. giant said Azure and other cloud services grew 50% year-on-year in the quarter. Microsoft’s Azure public cloud revenue growth was expected to be 47%, according to CNBC.

It recorded revenues of $45.32 billion, compared to expectations of $43.97 billion, and $37.1 billion in 2020.