A 46% growth projection from BNP Paribas puts Microsoft’s Azure business above the company’s fiscal 2027 first-quarter target range, sharpening attention on cloud demand before the software maker reports Oct. 28.
BNP Paribas analyst Stefan Slowinski projects Azure revenue growth of 46% for fiscal Q1, followed by 49% in fiscal Q2. TD Cowen analyst Derrick Wood expects Azure to top expectations by a wider margin than in a typical quarter.
For fiscal 2027’s first quarter, Microsoft guided Azure growth to 44% to 45% in constant currency, a measure that removes exchange-rate effects. It expects foreign-exchange movements to cut reported growth by less than one percentage point.
Microsoft recorded a 41% year-over-year gain in Azure revenue for fiscal 2026, bringing the business above $100 billion for the year. On the July earnings call, Microsoft Chief Financial Officer Amy Hood said customer demand “continues to exceed supply.”
Microsoft will release results after the market closes Oct. 28, with its earnings call set for 5:30 p.m. ET (21:30 UTC). Its fiscal Q1 revenue outlook is $89.85 billion to $90.95 billion, while capital expenditures are expected to exceed $50 billion.
