Microsoft shares hit high as cloud business flies above estimates

Shares of Microsoft rose 6.1 percent to $60.73 in after-hours trading, adding more than $27 billion to its market value. The Redmond, Washington-based company said revenue from its flagship cloud product Azure, which businesses can use to host their websites, apps or data, rose 116 percent. "There’s a huge runway for them to show growth," said Trip Chowdhry, managing director of Global Equities Research, noting the market for cloud services will be controlled almost entirely by Microsoft a