Microsoft reported slower-than-expected growth in its crucial Azure cloud business on Wednesday despite beating estimates for overall quarterly revenue, sending its shares down 4 per cent in extended trading.

Microsoft’s cloud unit Azure reported revenue growth of 31 per cent in the quarter, missing Visible Alpha estimates of 31.8 per cent. the company employs 3,500 people on the island of Ireland.

At the company’s Intelligent Cloud unit, which includes the Azure platform, revenue rose to $25.54 billion (€24.52 billion), missing expectations of $25.76 billion.

Total revenue rose 12 per cent to $69.6 billion in the fiscal second quarter ended December, compared with analysts' average estimate of $68.78 billion, according to data compiled by LSEG.

Redmond, Washington-based Microsoft reported a profit of $3.23 per share, beating expectations of $3.11 per share. - Reuters

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