NEW YORK (TheStreet) -- Shares of Microsoft Corp. (MSFT) - Get Report are increasing by 0.31% to $55.22 in afternoon trading on Thursday, after the company said at a developer conference that its cloud business is adding 120,000 subscriptions a month.

The Azure cloud business is rapidly growing even though it still has a smaller market share than Amazon.com's (AMZN) Amazon Web Services, Reuters reports.

Microsoft also revealed that automaker BMW is a user of the Azure cloud platform, according to the Wall Street Journal.

At today's conference, BMW Group VP of digital life Thom Brenner introduced BMW Connected, a mobile app that uses Microsoft cloud programs to track traffic conditions, travel time and other data for drivers, the Journal noted.

Microsoft's cloud computing unit is crucial for the company's growth because the segment is one of the fastest-growing markets in technology, the Journal added.

Separately, Microsoft has a "buy" rating and a letter grade of B+ at TheStreet Ratings because of the company's solid stock price performance, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and expanding profit margins.

You can view the full analysis from the report here: MSFT

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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