Microsoft beats on revenue and earnings; stock is little changed

Earlier this month Jefferies analysts led by Brent Thill upgraded Microsoft stock to buy from the equivalent of a sell rating. "We see a large diversified business with excellent visibility that has a clear line of sight into double-digit rev growth for the foreseeable future," they wrote in a note to clients. The analysts pointed to Azure, the Office business and LinkedIn as growth opportunities.

Microsoft said last month that it would stop disclosing gaming revenue and would instead start disclosing revenue from Xbox content and services, as the company has bolstered its gaming services, with. In the fiscal first quarter, though, Microsoft said Xbox content and services revenue was basically unchanged.

With respect to guidance, analysts are looking for Microsoft to forecast $36.02 billion in revenue for the fiscal second quarter, according to Refinitiv.Executives will discuss the results with analysts at 5:30 p.m. Eastern time.

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