Microsoft Corporation (NASDAQ:MSFT) stock rose 6.02% (As on Apr 27, 11:20:27 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. The company’s Intelligent Cloud segment, which contains Microsoft’s Azure public cloud for application hosting, along with SQL Server, Windows Server and enterprise services, generated $19.05 billion in revenue. That’s up 26% and above the $18.90 billion consensus among analysts polled by StreetAccount. Revenue from Azure and other cloud services jumped 46% in the quarter, compared with 46% growth in the prior quarter. The expectation was 45.3%, according to a CNBC survey of 13 analysts, while analysts polled by StreetAccount had been looking for 43.6% growth. The number of Azure deals worth at least $100 million in the quarter has more than doubled.

Moreover, Microsoft’s Productivity and Business Processes segment, containing Office productivity software, LinkedIn and Dynamics, posted $15.79 billion in revenue in the quarter, up about 17% and slightly more than the StreetAccount consensus estimate of $15.75 billion. Microsoft raised the prices of certain Office 365 productivity software subscriptions during the quarter. The More Personal Computing Segment, which includes Windows, Xbox, search advertising and Surface, kicked in $14.52 billion in revenue, up 11% and higher than the $14.27 billion StreetAccount consensus. Microsoft said revenue from Windows license sales to PC manufacturers increased 11% in the quarter. Microsoft had projected high-single-digit growth in January. Research firm Gartner estimated that PC shipments fell 6.8% in the quarter, marking the sharpest decline since the first quarter of 2020, after a pandemic-fueled market expansion. Shipments rose by 3.9% excluding computers running Google’s Chrome OS operating system, which became more popular during Covid.

MSFT in the third quarter of FY 22 has reported the adjusted earnings per share of $2.22, beating the analysts’ estimates for the adjusted earnings per share of $2.19, according to Refinitiv. The company had reported the adjusted revenue growth of 18 percent to $49.36 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $49.05 billion.

For the fourth quarter, the company expects revenue to be in the range of $52.4 billion to $53.2 billion, but the middle of the range for total revenue, at $52.8 billion, is just below the $52.95 billion consensus among analysts polled by Refinitiv.

Meanwhile, the company has announced a plan during the quarter to acquire video-game publisher Activision Blizzard for $68.7 billion, the largest transaction in Microsoft’s 47-year history.