Several cloud-related stocks are moving higher in Tuesday's after-hours session after $Microsoft (MSFT.US)$ shares jumped on the company's quarterly results. Microsoft's cloud revenues appear to be driving the action.
Some of the stocks making the biggest moves in the wake of Microsoft's results include $Amazon (AMZN.US)$, $Snowflake (SNOW.US)$ and $Datadog (DDOG.US)$.
MSFT Q2 Revenue: $52.7 billion missed estimates of $52.97 billion
MSFT Q2 EPS: $2.32 beat estimates of $2.30
Everything You Need To Know: Microsoft Q2 Earnings Highlights: Redmond Misses On Revenue, Beats On EPS, With Azure Growth
We are focused on operational excellence as we continue to invest to drive growth. Microsoft Cloud revenue was $27.1 billion, up 22% year-over-year as our commercial offerings continue to drive value for our customers."
- said Amy Hood, CFO of Microsoft.
Productivity and business processes revenue was up 7% year-over-year, while intelligent cloud revenue jumped 18%.
Microsoft had a lot to say about its recent investment in OpenAI's ChatGPT. Find out all you need to know here. The company also said it will provide guidance on its conference call, which is set to kick off at 5:30 p.m. ET.
Amazon Web Services, Snowflake and Datadog are all data cloud providers. Investors appear to be bidding the names up after Microsoft highlighted strong cloud growth.
AMZN, SNOW, DDOG Price Action: At publication time, Amazon, Snowflake and Datadog were all up between 3% and 4% in after hours trading, according to Benzinga Pro.