Microsoft shares rally as it shrugs off tech turmoil

Microsoft shares jumped as it brushed off the gloom engulfing Silicon Valley and emerged as its Rock of Gibraltar.

The tech giant said overall sales in the three months to December 31 were 43billion, up 2 per cent from a year earlier and in line with analyst forecasts.

Microsoft said its cloud computing business drove a strong set of results, with sales of its Azure platform up by almost a third.

Wedbush analyst Dan Ives said Azures growth was strong and much better than feared.

He added: Clearly there are headwinds abound, but overall Microsofts Redmond HQ is a Rock of Gibraltar in this dark economic environment.