Microsoft’s cloud growth propels quarterly sales

Revenue in the third quarter, which ended March 31, rose 18% to $49.4bn

While the shares jumped 51% in 2021, they have fallen 20% so far this year amid a rout in large technology stocks.

Microsoft reported quarterly sales and earnings that topped analysts’ projections, fueled by robust growth in cloud-services demand.

Shares jumped as much as 6.9% in late trading.