Microsoft (NASDAQ: MSFT) stock traded up 1% after the company reported its Q1 results, with EPS coming in at $2.71, beating the Street estimate of $2.07.

Quarterly revenue grew 22% year-over-year to $45.3 billion, better than the consensus estimate of $43.97 billion. Revenue from Microsoft Cloud was $20.7 billion, representing a 36% year-over-year increase.

“Digital technology is a deflationary force in an inflationary economy. Businesses – small and large – can improve productivity and the affordability of their products and services by building tech intensity,” said Satya Nadella, chairman and chief executive officer of Microsoft. “The Microsoft Cloud delivers the end-to-end platforms and tools organizations need to navigate this time of transition and change.”