Microsoft's cloud computing and artificial intelligence business helped deliver $70.1 billion in sales and boosted profits by 18% for the January-March quarter, a dose of relief for investors during a turbulent time for the tech sector and U.

Microsoft's quarterly profits increased by 18% for the January-March quarter, driven by its cloud computing and artificial intelligence business, generating $70.1 billion in sales and surpassing Wall Street's earnings expectations.

Shares in artificial intelligence and cloud-computing-related companies were rising sharply in late trade on Wednesday after Meta Platforms and Microsoft results beat Wall Street expectations.

Worry that a slowing economy will derail artificial intelligence-fueled growth this year may take a back seat after Microsoft over-delivered in its latest quarterly earnings report. Related: Surprising GDP report sends stocks on roller coaster ride Microsoft outpaced Wall Street earnings estimates on revenue and profit,