Microsoft’s report beat Wall Street analysts’ estimates for revenue and profit, driven by growth in cloud computing and Office productivity software.

The company said artificial intelligence products were driving its sales and forecast that its revenue in its core segments in the current quarter would meet or exceed Wall Street estimates.

Microsoft shares rose 8.3% in post-market trading after reporting earnings of $2.45 per share in the fiscal third quarter, beating Wall Street estimates of $2.23, according to Refinitiv data.

“Despite all the concerns in Big Tech, companies still see the value of cloud computing, and there is a huge percentage of workload that can be moved to the cloud,” said Bob O’Donnell, an analyst at TECHnalysis Research.

The company’s cloud business, Azure, grew 27% in the quarter, exceeding analysts’ expectations of 26.6%.

Microsoft’s revenue rose 7% to $52.9 billion in the quarter, beating analysts’ estimates of $52.9 billion.

The bulk of Microsoft’s sales continue to come from selling software and cloud computing services to customers. However, by partnering with ChatGPT creator OpenAI and improving the Bing search engine with artificial intelligence technology, the company has attracted mass attention. It already has more than 2,500 Azure-OpenAI customers and is integrating artificial intelligence into a range of its products.

Search engine Bing, long the equivalent of Google (NASDAQ:GOOGL), has 100 million daily users and has seen downloads skyrocket since it added artificial intelligence features.

However, all is not well for Microsoft Windows, as this area is heavily dependent on PC sales, which have been falling in recent quarters.