Shares of (NASDAQ: MSFT) charged sharply higher Wednesday morning, surging as much as 4.7%. As of 10:44 a.m. ET, the stock was still up 3.2%.

The catalyst that sent the tech giant higher was its quarterly financial results, which easily outpaced expectations driven by strong demand for its cloud computing services and an early win for its artificial intelligence (AI) services.

For its fiscal 2024 first quarter (ended Sept. 30), Microsoft's revenue grew 13% year over year to $56.5 billion. The better-than-expected results also gave a significant boost to the bottom line, as diluted earnings per share (EPS) of $2.99 rose 27%. 

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Source Fool.com