Microsoft is set to report fiscal second-quarter results after market close on Wednesday.

Here’s what analysts polled by LSEG are expecting:

• Earnings per share: $3.97 adjusted
• Revenue: $80.27 billion

The consensus implies that analysts project 15% year-over-year revenue growth in the quarter that ended on Dec. 31.

Investors will pay careful attention to the rate of growth from Microsoft’s Azure cloud infrastructure and other cloud services.

Analysts surveyed by StreetAccount and CNBC expect 39.4% and 38.9% growth in that category, respectively. Azure revenue increased 40% in the fiscal first quarter. The slowdown would follow three quarters of sequential acceleration.

Like its cloud rivals such as Amazon, Microsoft has been building data centers filled with special-purpose chips that can run generative artificial intelligence models. Microsoft also pays for capacity from CoreWeave and Nebius in the form of leases.

Analysts polled by Visible Alpha expect $34.31 billion in quarterly capital expenditures and finance leases, up about 52%.

During the quarter, Microsoft said it will raise prices of commercial Office productivity software subscriptions.

Microsoft-backed OpenAI agreed to spend $250 billion more on Azure cloud services, and Anthropic announced plans to buy $30 billion worth of cloud services and contract up to a gigawatt of additional computing capacity.

In the past three months, Microsoft stock has fallen about 10%, while the S&P 500 index has gained 1%.

Executives will discuss the results and issue guidance on a conference call with analysts starting at 5:30 p.m. ET.

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