Microsoft on Wednesday said its profits rose 18% for the January-March quarter, driven by its growth in its cloud computing and artificial intelligence business in a turbulent time for the tech sector.

Microsoft topped market estimates for quarterly revenue on Wednesday, boosted by steady demand for its cloud services as businesses ramped up spending on artificial-intelligence tools.

Microsoft Corp. shares jumped after the company reported stronger-than-expected quarterly sales and profit growth, suggesting customer demand for cloud services has held steady despite a wave of tariffs and economic turbulence.

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,