Microsoft, the world's largest software maker, reported a strong boost in profits and revenue for its fiscal third quarter, driven by strong sales of its cloud computing and artificial intelligence (AI) services.

The company reported revenue of $41.7 billion for the quarter, up 19% from the same period last year, while net income rose to $15.5 billion, up 44% year-over-year.

According to Microsoft CEO Satya Nadella, the company's cloud computing offerings, including Azure and Microsoft 365, continue to be a major growth driver. "Digital adoption curves aren't slowing down," Nadella said in a statement. "They're accelerating, and it's just the beginning."

The company's Intelligent Cloud division, which includes Azure and other cloud services, saw revenue rise 23% to $15.1 billion. Meanwhile, its More Personal Computing division, which includes Windows, Surface, and Xbox, reported revenue of $13 billion, up 19% from the same period last year.

Microsoft's push into AI also appears to be paying off, with the company's Dynamics 365 business applications seeing strong growth, as well as its AI and analytics offerings. "We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform," Nadella said.

The company's LinkedIn professional networking platform also saw strong growth, with revenue up 25% year-over-year to $3.5 billion.

Despite the strong results, Microsoft's shares fell slightly in after-hours trading, as some investors expressed concern over the company's slowing growth in its Teams collaboration platform, which competes with Slack and Zoom.

Nevertheless, Microsoft remains one of the most valuable companies in the world, with a market capitalization of around $2.1 trillion. The company's strong financial performance is a testament to its ability to adapt and innovate in a rapidly-changing technology landscape, driven in large part by its focus on cloud computing and AI.