Microsoft dips as Q3 revenues top expectations, led by cloud strength
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Microsoft (NASDAQ:MSFT) shares dipped in after-hours trading on Tuesday even as the Satya Nadella-led company posted third-quarter revenue that topped expectations. 
The Redmond, Washington-based Microsoft (MSFT) said it earned $2.22 per share on $49.4 billion in revenue, thanks to a 32% year-over-year rise in cloud-related revenue.
The $2.22 in quarterly earnings included a 3 cent drawdown due to foreign exchange fluctuations and a 1 cent drawdown due to its acquisition of Nuance Communications.
A consensus of Wall Street analysts estimated the company would earn $2.20 per share on $49.05 billion in revenue during the period.
Microsoft (MSFT) shares ticked down fractionally to $267.43 in after-hours trading.
Azure, Microsoft's cloud computing platform, saw revenue rise 46% year-over-year, or 49% in constant currency.
Revenue related to its productivity and business processes, which includes Office 365, rose 17% year-over-year to $15.8 billion, largely due to a 17% jump in commercial Office 365 revenue growth.
LinkedIn revenue also saw a healthy jump, rising 34% year-over-year.
The company's More Personal Computing unit, comprised of Windows, Xbox, search and Surface, rose 11% year-over-year to $14.5 billion, led by a 23% rise in search and news advertising revenue.
Revenue attributed to the Surface, which competes with Apple's (AAPL) Macs and iPads, rose 13%.
The company also returned $12.4 billion to shareholders in buybacks and dividends, up 25% year-over-year.
Microsoft (MSFT) is slated to host a conference call at 5:30 p.m. EST to discuss the results.
On Monday, Wedbush Securities said the results from Microsoft (MSFT) and Apple (AAPL) "could dictate the path of tech stocks over the coming months."