Microsoft dips on weak guidance after beating on earnings

Microsoft reported an earnings and revenue beat for the fiscal first quarter on Wednesday, but the stock slid 4% in extended trading after the company's forecast called for slower growth than expected.

Here's how the company performed, compared with analysts' expectations based on a survey by LSEG: 

Revenue increased 16% year over year in the quarter, which ended Sept. 30, according to a statement. Net income rose 11% to $24.67 billion from $22.29 billion in the year-ago quarter.

For the current quarter, Microsoft called for revenue in the range of $68.1 billion to $69.1 billion. That implies 10.6% growth at the middle of the range. Analysts surveyed by LSEG were looking for $69.83 billion in revenue.

Outside suppliers are late in delivering data center infrastructure to Microsoft, meaning the company won't be able to meet demand in the fiscal second quarter.

"I feel pretty good that going into the second half of even this fiscal year, that some of that supply-demand will match up," CEO Satya Nadella said on a conference call with analysts.

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, are now part of the productivity and business processes unit, which includes Office software.

Revenue from productivity and business processes rose 12% to $28.32 billion in the quarter, topping the $27.9 billion consensus among analysts surveyed by StreetAccount. It's 38% higher than the $20.45 billion midpoint of the forecast that management gave in July, because the actual total accounts for the changes.

Investors received a clearer picture of cloud computing consumption at Microsoft. For the first time, the Azure