Microsoft's cloud business sales growth exceeded Wall Street expectations, indicating that its computing infrastructure and artificial intelligence services continue to be favored by enterprise customers. Microsoft said in a statement on Wednesday that Azure cloud computing business revenue increased 43% in the fourth fiscal quarter. This is higher than analysts' average expected growth of around 40%. After the earnings report was announced, Microsoft's stock price rose about 3% in after-hours trading. The stock closed at $390.54 on Wednesday.

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