Microsoft reported Q1 2022 income of $20.5 billion on revenue of $45.3 billion and $2.71 earnings per share, beating analyst estimates.

“We delivered a strong start to the fiscal year with our Microsoft Cloud generating $20.7 billion in revenue for the quarter, up 36% year over year,” said Amy Hood, executive vice president and chief financial officer of Microsoft, in a statement.

Azure and other cloud services revenue grew 50%. Microsoft's overall Intelligent Cloud sector grew 31% with $17 billion in revenue reported.

Microsoft's Azure revenue growth rate continues to hold steady. Azure revenue grew 48% in Q1 2021 and grew 51% last quarter in Q4 2021.

Dynamics products and cloud services revenue increased 31%, driven by Dynamics 365 revenue growth of 48%. The company also noted "strong growth" in Power Apps revenue, which rose 202%.

Dynamics saw overall revenue growth of 38% a year ago and 33% last quarter.

LinkedIn revenue increase 42%, driven by Marketing Solutions growth of 61%. Overall revenue in Productivity and Business Processes, which includes Dynamics, Power Platform, Office, and LinkedIn products, was $15.0 billion and increased 22% year-over-year.