April 25 Reuters Microsoft Corp beat Wall Street39;s estimates for quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and the company said artificial intelligence products were stimulating sales.

The company forecast revenue in its main segments for the current quarter would match or top Wall Street targets.

Shares gained 8.3 in aftermarket trading following a report by Redmond, Washingtonbased Microsoft that profits were 2.45 per share in the fiscal third quarter, beating Wall Street estimates of 2.23, according to data from Refinitiv.

The bottom line is that despite all the concerns that the sky is falling in big tech, the truth is companies still see value in cloud computing and there39;s still a huge percentage of workloads that can be moved to the cloud, said Bob ODonnell, an analyst for TECHnalysis Research.

Microsoft said growth at its cloud business Azure was 27 in the latest reported quarter, beating analyst expectations for 26.6 growth, according to the consensus from 23 analysts polled by Visible Alpha.

Alphabet Inc which also has a large cloud business, reported strong results Tuesday, lifting its shares 2.4 after the bell. Those results and Microsoft39;s helped boost shares of Amazon.com Inc, another major cloud operator, 4.8 in after hours trading.

Microsoft revenue rose 7 to 52.9 billion in the quarter ended March, inching past analyst estimates of 51.02 billion, according to…