Microsoft's results beat Wall Street on the top and bottom lines but it reported disappointing Azure sales

Satya Nadella, CEO of Microsoft, which will report its fiscal first-quarter results on Wednesday afternoon.Getty Images

Analysts are bullish on Microsoft as the company gets set to release its fiscal first-quarter report Wednesday afternoon.

Wall Street is expecting the software and services giant to post strong revenue and earnings results thanks to continued rapid growth of its Azure cloud computing business and the cloud versions of its Office productivity suite.

Here's what analysts are expecting:

Fiscal Q1 revenue: $27.92 billion, up roughly 14% from the $24.54 billion it posted in the same quarter last year.
Fiscal Q1 earnings per share (EPS): 95 cents. In its first quarter last year, the company earned 84 cents a share.
Fiscal Q2 revenue: Analyst are projecting $32.26 billion in the holiday period. During last year's holiday quarter Microsoft brought in sales of $25.83 billion.
Fiscal Q2 EPS: $1.07. In its second quarter last year, Microsoft lost 82 cents a share, as it took a $13.8 billion charge related to the new federal tax law.

In late afternoon trading, the company's stock was down $3.66 a share, or 3.4%, to $104.44, along with a broader sell off in tech stocks.

We'll be updating this story with Microsoft's results as soon as they cross the wire, so hit refresh or click here for the latest.

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