Microsoft new high

SHARES in technology giant Microsoft hit a record high yesterday as earnings beat analysts’ expectations in its fourth quarter results thanks to the strength of its cloud business.

Microsoft reported revenues of $24.7bn over its fourth financial quarter, which ended in July, a year-on-year rise of 9pc, which beat analysts’ predictions of $24.3bn.

Revenue in its Intelligent Cloud business came in at $7.4bn, a year-on-year increase of more than 11pc - driven in part by 97pc growth in the firm’s cloud platform Azure.

Shares in the firm rose 0.5pc, or $ 0.36, to a record high of $74.22.