Microsoft has announced its FY22 Q1 results, beating analysts expectations on strong cloud growth.

Microsoft reported revenue of $45.3 billion, an increase of 22% over last year. Revenue easily topped analysts’ expectations of $44 billion. The company’s profit for the quarter came in at $17.2 billion, up 24%.

Notably, much of the Microsoft’s results were driven by continued cloud adoption. The company’s revenue for its Intelligent Cloud division, which includes Azure, was $17.0 billion, representing a 31% increase over the previous year.

“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.”

“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.

Overall, Microsoft appears to have delivered on what Wedbush analyst Daniel Ives predicted would be another “Picasso-like masterpiece quarter.”