But check out the following three facts that should get any tech investor excited.
Higher Price Targets
After several raised price targets for Microsoft from Wall Street analysts Friday morning, the average price target stands at $153 a share. That represents about 9% upside from Microsoft's premarket trading price, which is up 2.46%. Before the earnings, there was roughly 9% upside, and with the stock rising on the solid earnings, there's still no need for investors to fret. Estimates and valuations for the software giant keep moving on up.
Microsoft is looking at growing capital expenditures for the next few years as it continues to invest in the cloud. But at some point growth in the cloud business will taper off, so what's Microsoft to do?
There's a new opportunity, geographically speaking. "Growth of capex is shifting more towards international, as cloud growth begins to scale in international markets such as South America and Europe," Stifel analyst Erik Rasmussen wrote in a note.
Buybacks Still Happening
With capex growth expected to be roughly 18% in 2020 year-over-year, one might wonder how sturdy that buyback program will be. Again, no need to fret. Microsoft bought back $4.2 billion of stock in the quarter, and is showing no signs of stopping the program.