• Microsoft is expected to show year-over-year revenue growth of about 14% in its quarterly report on Wednesday.
• The software company's stock is up 15% this year as of Tuesday's close, underperforming the Nasdaq, which has gained 25%.
• Microsoft has revised its segment reporting practices, resulting in a considerably bigger Productivity and Business Practices unit.

Microsoft will report results for its fiscal first quarter after the close of regular trading on Wednesday.

Here's the LSEG consensus of analysts' expectations:

• Earnings per share: $3.10
• Revenue: $64.51 billion

The revenue estimate implies 14% annual growth for the quarter, which ended Sept. 30.

In August, Microsoft said it would revise the reporting of business segments to reflect its management approach. Mobility and security services, along with some Windows revenue, will now be part of the Productivity and Business Processes unit, which includes Office software.

Analysts surveyed by StreetAccount are looking for $27.9 billion in revenue for the segment. That is 36% higher than the $20.45 billion midpoint of the forecast that management gave in July, because the analyst projection accounts for the changes.

Investors will receive a clearer picture of cloud consumption. Analysts expect $24.04 billion in revenue from the Intelligent Cloud segment that includes Azure cloud infrastructure. CNBC's consensus for Azure growth is 32.8%, while StreetAccount's is 29.4%.

In Alphabet's earnings report on Tuesday, the internet company said its cloud business, which rivals Azure, grew nearly 35% from a year earlier to $11.35 billion, topping estimates. Amazon, which leads the cloud infrastructure market, is slated to report results after the close on Thursday.

For Microsoft's More Personal Computing segment, the StreetAccount consensus is $12.56 billion. Microsoft will publish a combined growth rate for sales of devices and sales of Windows operating system licenses to device makers. Industry researcher Gartner estimated that quarterly PC shipments declined 1.3%.

During the quarter, Microsoft worked to help customers recover after a flawed update to CrowdStrike security software brought down Windows PCs globally. Microsoft said it would collaborate with BlackRock on an artificial intelligence infrastructure investment fund, with a goal of $30 billion in initial capital.

Microsoft's AI investments will continue to be a major focus for investors, as the company builds out its infrastructure and ramps up chip spending to handle heftier workloads. Microsoft is the main investor in ChatGPT creator OpenAI, which was valued at $157 billion in a financing round earlier this month.

As of June 30, Microsoft had racked up more than $108 billion in finance leases that had not started, which UBS analysts have said might include third-party cloud spending to meet AI demand.

At the same time, Microsoft has been spending more cash on property and equipment. Analysts polled by Capital IQ anticipate $14.58 billion in spending for the fiscal first quarter, up 47% from the same period a year earlier.

As of Tuesday's close, Microsoft was up about 15% for the year, while the Nasdaq gained around 25% during the same period.

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

Correction: A prior version of this story had an incorrect date for the end of the quarter. It was Sept. 30.

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