Azure Revenue Surges as Microsoft Shares Rise on Cloud Computing Growth

Microsoft shares rose on Thursday after the company announced that it would provide investors with more information about its fast-growing cloud computing business, Azure.

Azure's revenue surged 42% year over year to $29.4 billion in its most recent quarter, making it second only to Amazon Web Services, whose revenue grew 37% to $42.2 billion in the same period.

The growth is driven by soaring AI usage, with Microsoft expecting Azure's revenue to grow by 44% to 45% in constant currency in the current quarter.