Microsoft reported its Q3 earnings on Wednesday, blowing analysts' estimates out of the water with massive revenue and earnings per share.

Key Takeaways Microsoft shares surged in extended trading Wednesday after the company issued quarterly results and guidance that topped Wall Street's expectations. boosted by strong growth in its cloud business.

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,