Microsoft (MSFT) stock rose 5 percent on Thursday to $107.56 after the company released a strong quarterly report that beat expectations on both earnings and revenue.

According to Refinitiv, Microsoft reported earnings of $1.14 per share versus the $0.96 per share expected by analysts. For revenue, the company reported $29.08 billion against the $27.90 billion expected by analysts, rising 19 percent year over year.

Much of the Microsoft’s better-than-expected results may be attributed to the its Intelligent Cloud segment, which contains server products and cloud service (such as Microsoft Azure). Microsoft continues to emphasize the growth of its business-focused cloud services as it challenges similar services offered by competitors such as Amazon, Alphabet, and Salesforce.

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