Microsoft stock: Azure growth reaches 48% in fiscal Q1

Microsoft reported its fiscal first-quarter results on October 28, 2026, for the three months ended September 30. The company posted revenue of 92.3 billion USD and adjusted diluted earnings per share of 4.89 USD, above the 90.69 billion USD revenue and 4.73 USD earnings estimates cited by CNBC. Microsoft stock therefore enters the post-results period with a materially updated operating backdrop.

Cloud demand remains the central driver

Microsoft Cloud revenue reached 63.9 billion USD, up 30 percent year over year, while Azure revenue increased 48 percent. The company said revenue in its Agents and Infra segment rose to 76.8 billion USD, whereas Devices and Consumer revenue declined 3 percent to 15.5 billion USD.

The reported GAAP figures were higher than the adjusted figures because gains from Microsoft investments in OpenAI increased first-quarter net income by 207 million USD and diluted earnings per share by 0.03 USD. GAAP net income was 36.6 billion USD, compared with adjusted net income of 36.4 billion USD.

Guidance points to continued capacity pressure

For the second fiscal quarter, Microsoft guided to total revenue of 96.0 billion to 97.1 billion USD. Management expects Agents and Infra revenue of 80.1 billion to 80.7 billion USD and Azure growth of 49 to 50 percent in constant currency. It also said customer demand continues to exceed available supply, while some third-party capacity deliveries have shifted into the second half of the fiscal year.

Capital expenditure and finance leases reached 45.2 billion USD in the first quarter. Microsoft expects second-quarter capital spending to exceed 50 billion USD and indicated calendar-year spending of approximately 170 billion USD. This supports expansion capacity, but it also keeps execution, funding and returns on AI infrastructure important considerations for investors.

Stock price and investor context

Lang and Schwarz quoted Microsoft stock at 469.20 EUR on October 29, 2026, at 16:38 Berlin time. The quote was 1.83 percent below the 477.93 EUR price recorded in the most recent relevant ad-hoc-news.de report published on October 27, 2026. This comparison is separate from a Xetra daily close; no compatible Xetra close for October 29 was verified.

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