Wall Street’s top analysts are loving Microsoft’s Q1 results

Microsoft (MSFT) reported better-than-expected earnings after the bell Wednesday. And while the stock was off more than 1%, Wall Street analysts praised the company’s performance.

The cloud giant recorded earnings per share (EPS) of $4.89 on revenue of $92.28 billion. Analysts were projecting EPS of $4.73 on revenue of $90.63 billion, according to Bloomberg consensus estimates.

The company saw EPS of $4.13 and revenue of $77.6 billion in the same period last year.

Microsoft’s Azure revenue was the star of the show, growing 48% year over year to $33.17 billion from $22.38 billion.

“Microsoft reported strong fiscal first-quarter results and guided above expectations across the board, reinforcing our view that the AI thesis is playing out across both the infrastructure and application layers,” William Blair’s Jason Ader wrote in a note following Microsoft’s report.