Microsoft gained billions of dollars in stock market value on Wednesday afternoon after it reported better than expected revenue and profit, just days after it offered voluntary buyouts to about 60,000 employees.

The office software giant’s growth was fueled by its Azure cloud computing division, which grew by 48% in the September quarter.

“We are delivering greater capability, choice, control, and cost-efficiency for customers across our entire stack,” Microsoft’s chief executive, Satya Nadella, said in a statement.

The technology giant recorded $92.3bn in total revenue and more than $36.6bn in profit, the company said in a securities filing on Wednesday.…