Cloud-Computing Stocks Rally as Microsoft Results Bring Relief

(Bloomberg) — The shares of companies involved in cloud computing rallied late on Tuesday after Microsoft Corp.’s results alleviated fears about a pullback in spending by businesses.

(Bloomberg) — The shares of companies involved in cloud computing rallied late on Tuesday after Microsoft Corp.’s results alleviated fears about a pullback in spending by businesses.

MongoDB Inc., Datadog Inc. and Snowflake Inc. were among stocks that jumped more than 4% in extended trading, after sales in Microsoft’s cloud division exceeded the average analyst estimate. Amazon.com Inc., which owns the largest provider of over-the-internet computing, gained more than 3%.

Investors have been focused on the health of web services spending amid slowing revenue growth. Sales rose 38% in Microsoft’s Azure cloud-computing business, compared with analyst projections for a 37% expansion. Shares of Microsoft rose 4% in extended trading. 

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