LIVE: Microsoft reports earnings

Microsoft will be announcing earnings for the first quarter of its 2017 fiscal year after the closing bell on Thursday. We'll be watching live. Join us!

For the quarter, analysts are expecting:

• Earnings of $0.68 per share on an adjusted basis
• Revenue of $21.71 billion, up about 6% year-over-year

Otherwise, investors are looking for signs of continued growth in Microsoft's all-important cloud computing businesses, as it shifts away from selling boxed software and into a subscription- and usage-based billing model.

As revenue from those more traditional businesses shrink, especially amid the continued decline of the PC industry, investors are looking for signs that Microsoft is meeting the challenge. So far, so good, but it's a precarious balance between old and new.

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