Azure revenue jumped 43% last quarter, its fastest growth in four years and well ahead of the roughly 40% Wall Street expected. Microsoft stock rose about 3% in late trading Wednesday after posting a 0.7% loss at the close. The acceleration came as quarterly capital expenditures — spending on long-term assets such as data centers and equipment — surged 70% to $41 billion. The chart below shows Microsoft's quarterly capital spending alongside Azure growth. The company expects Azure growth to accelerate again next quarter, to roughly 45%, even as capital spending climbs above $50 billion.