Microsoft posts $92.3bn quarterly revenue after offering buyouts to 60,000 employees

Software giant reports $36.6bn in profit, beating Wall Street expectations, as Azure cloud computing division grows 48%

Microsoft gained billions of dollars in stock market value Wednesday afternoon after it reported better than expected revenue and profit, just days after it offered voluntary buyouts to some 60,000 employees.

The office software giant’s growth was fueled by its Azure cloud computing division, which grew by 48% in the September quarter.

“We are delivering greater capability, choice, control, and cost-efficiency for customers across our entire stack,” Microsoft chief executive Satya Nadella said in a statement.

The technology giant recorded $92.3bn in total revenue and more than $36.6bn in profit, the company said in a securities filing Wednesday. Analysts had expected around $90.6bn in revenue and $35.1bn in profit, according to FactSet.