REDMOND, Wash. (AP) — Microsoft’s cloud computing and artificial intelligence business helped deliver $70.1 billion in sales and boosted profits by 18% for the January-March quarter, a dose of relief for investors during a turbulent time for the tech sector and U.S. economy.

The company reported quarterly net income of $25.8 billion, or $3.46 per share, beating Wall Street expectations for earnings of $3.22 a share.

The Redmond, Washington-based software maker posted revenue of $70.1 billion in the period, its third fiscal quarter, up 13% from the same period a year ago and also beating Wall Street expectations. Analysts polled by FactSet expected Microsoft to post revenue of $68.44 billion for the quarter.

Microsoft is among a group of the tech industry’s bellwether companies that have been through a period of uncertainty and turmoil since President Donald Trump returned to the White House, with a see-sawing of stocks that has eviscerated trillions of dollars in shareholder wealth amid an onslaught of tariffs and other actions.

Microsoft’s stock price has dropped nearly 8% since Trump’s inauguration in January, to about $395 at the close of markets Wednesday. But investors appeared pleased moments later after Microsoft released its earnings report, sending stocks up more than 6% in after-hours trading.

Revenue from Microsoft’s cloud computing business segment grew 21%, to $26.8 billion, also beating Wall Street projections.