INTEL: Microsoft Q1 revenue of $92.28 billion tops estimates as Azure grows 48% ex-FX
Update (28 Oct 2026): Added Azure revenue growth excluding currency effects of 48%, against a 44.8% estimate.
Microsoft’s first-quarter results beat expectations on revenue, operating income and Azure growth, while capital spending came in below forecast. Revenue was $92.28 billion, ahead of the $90.63 billion analysts expected, according to Bloomberg. Earnings per share were $4.92.
Azure growth ahead of estimate
Azure revenue, excluding currency effects, rose 48%. Analysts had expected growth of 44.8%, so the result was about 3.2 percentage points higher. The supplied figures do not include a company explanation for the acceleration or a dollar figure for Azure revenue.
Revenue and operating income
Operating income came in at $45.92 billion against $43.92 billion expected, a beat of about $2 billion. Revenue topped the estimate by roughly $1.65 billion.
Capital spending below forecast
Capital spending was $39.37 billion, well under the $45.93 billion analysts had forecast, a gap of about $6.56 billion. The figures do not say why spending came in lower, and the supplied data does not include a company explanation.
The data supplied does not include an analyst consensus for earnings per share, so the $4.92 figure cannot be compared with an estimate here.
