Investing.com -- Microsoft reported Wednesday fiscal first-quarter results that topped Wall Street estimates, underpinned by growing cloud revenue amid a wave AI-related enterprise spending.

Microsoft Corporation (NASDAQ: MSFT) was slightly higher in afterhours trading Wednesday.

The company reported Q1 earnings per share of $3.3 on revenue of $40.59 billion. Analysts polled by Investing.com anticipated EPS of $5.21 on revenue of $40.18B.

Azure, Microsoft's cloud business grew 33%, in-line with analyst estimates of 33%.