Microsoft (NASDAQ: MSFT) shares were trading around 4% lower after-hours, in spite of strong second quarter results, with EPS coming in at $2.48, beating the Street estimate of $2.31.

Quarterly revenue grew 20% year-over-year to $51.7 billion, above the consensus estimate of $50.88 billion. Revenue in Productivity and Business Processes grew 19% to $15.9 billion, Intelligent Cloud grew 26% to $18.3 billion and revenue in More Personal Computing grew 15% to $17.5 billion.

According to Amy Hood, executive vice president and CFO of the company, Microsoft Cloud revenue grew 32% year-over-year to $22.1 billion, noting the solid commercial execution, represented by strong bookings growth driven by long-term Azure commitments.

The company returned $10.9 billion to shareholders in the form of share repurchases and dividends in Q2, which represents a 9% increase year-over-year.