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Microsoft reported third-quarter earnings on Thursday that blew past Wall Street estimates, but shares are down about 1.5% following the results. 

The tech giant announced adjusted earnings of $0.95, a 36% year-over-year increase, easily surpassing the $0.85 analysts surveyed by Bloomberg were looking for. Revenue was $26.8 billion, a 16% year-over-year increase, beating estimates of $25.77 billion. 

Perhaps most notable, the company reported commercial cloud sales soared 58% to $6 billion. 

“Our results this quarter reflect the trust people and organizations are placing in the Microsoft Cloud,” Microsoft CEO Satya Nadella said in the press release. “We are innovating across key growth categories of infrastructure, AI, productivity, and business applications to deliver differentiated value to customers.”

Microsoft is up 8.59% on the year. 

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