Microsoft reported strong quarterly earnings Tuesday, fueled by demand for cloud computing.

The tech titan said it posted profit of $16.7 billion on sales of $49.4 billion in the first three months of this year, up eight percent and 18 percent respectively from the same period last year.

“In the future, digital technology will be the key factor driving the world’s economic output,” said Microsoft CEO Satya Nadella.

“Across the tech stack, we are expanding our capabilities and committed to helping customers differentiate themselves, build resilience and do more with less.”

Microsoft shares rose more than four percent to $282.44 on earnings numbers that came with an upbeat outlook for the current fiscal quarter.

Revenue at the company’s “intelligent cloud” unit, which connects data center-hosted software with artificial intelligence, rose sharply from the same period last year, Microsoft reported.

“Continued customer engagement with our cloud platform and strong…

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