Expectations were high going into Microsoft's (NASDAQ: MSFT) earnings report on Wednesday. The stock gained more than 55% last year on the strength of its cloud services, pushing Microsoft's market cap above $1 trillion.
Investors were hoping for more of the same, and the company did not disappoint, delivering revenue that was more than $1 billion above expectations.
For the fiscal 2020 second quarter (which ended Dec. 31), Microsoft reported revenue of $36.9 billion, up 14% year over year, soaring past the high-end of management's forecast, which topped out at $35.95 billion.