Microsoft shares rise as Azure growth tops expectations.

Microsoft reported stronger profit in its latest quarter as growth in its cloud business accelerated, easing concerns about the potential returns from heavy spending on artificial intelligence infrastructure.

The company said Azure, its cloud computing business, grew 48% in the fiscal first quarter. That performance helped push Microsoft’s total revenue up 19% to $92.28 billion.

The revenue figure was ahead of Wall Street expectations. Analysts surveyed by FactSet had forecast revenue of $90.62 billion for the quarter.

The results underline the importance of cloud computing to Microsoft’s wider business, particularly as the company invests heavily in infrastructure to support AI services.

The faster growth in Azure also offered investors a signal that demand for cloud and AI-related services remains strong enough to support the company’s spending plans.