Microsoft Corp has forecast double-digit revenue growth for the next fiscal year, driven by demand for cloud computing services, and its shares jumped about 4 percent.

Microsoft forecast Intelligent Cloud revenue of $21.1 billion to $21.35 billion for its fiscal fourth quarter, driven by strong growth in its Azure platform. That compared with a Wall Street consensus of $20.933 billion, according to Refinitiv data, Reuters has reported.

“If there is any macro headwind, where you have more value for less price means you win. In our case, when it comes to our commercial cloud offerings, we have significant advantages on that across the stack,” Microsoft’s chief executive, Satya Nadella, said when asked how the company was projecting double-digit growth for the next fiscal year.

Microsoft on Tuesday reported profit and revenue for its fiscal third quarter that beat Wall Street expectations, also benefiting from demand for its cloud-based services.

Microsoft results indicate that it can keep its pandemic-fueled sales growing as economies reopen and businesses shift to a hybrid model of allowing staff to alternatively work from office and home.

Third-quarter Azure annual growth of 46.0 percent was steady from the previous quarter and in line with estimates of 45.6% growth compiled by Visible Alpha. Still, Azure growth has shown a steady drop from fiscal 2020 when it was in the 60 percent range.

Nadella said the number of $100 million-plus Azure deals more than doubled year-over-year in the third quarter.

The company reported revenue of $49.36 billion in the third quarter, compared with $41.7 billion a year earlier. Net income rose to $16.73 billion, or $2.22 per share, in the quarter ended March 31, from $15.46 billion, or $2.03 per share, a year earlier. That topped analyst targets of $2.19.