quarterly

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(Reuters) – Microsoft Corp reported higher quarterly adjusted revenue, driven mainly by growth in the company's cloud business. The company's shares jumped 3.5 percent to $54.91 in extended trading on Tuesday. Revenue in the cloud business, which includes the Azure cloud platform as well as products related to server software, rose 7 percent to $6.7 billion. Under the leadership of Satya Nadella, the software behemoth has focused on the building the company's expertise in cloud-based services amid slowing PC sales. …

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Apple also said it was raising its capital return program by $50 billion through a $35 billion increase in its share buyback authorization and a 10 percent rise in the quarterly dividend. Apple said it sold 51.2 million iPhones in its second fiscal quarter, down from 61.2 million in the same quarter a year ago but above analysts' estimates of about 50 million devices. Shares of Apple fell 6 percent on heavy volume in after-hours trade, falling below $100 for the first time since February.