Microsoft shares hit high as cloud business flies above estimates

(Oct 20): Microsoft Corp reported adjusted revenue and profit that blew past analysts' estimates on Thursday, as soaring sales from its cloud business pushed the technology giant's shares to an all-time high.

The news underscores the dramatic yet still early shift of businesses switching to cloud services after long relying on software programs and other hardware.

Shares of Microsoft rose 6.1% to US$60.73 ($84.4) in after-hours trading, adding more than $27 billion to its market value.

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