Microsoft Corporation (NASDAQ:MSFT) shares closed more than 4% higher on Wednesday following the company’s reported Q1 results, with revenue coming in at $45.32 billion, beating the consensus estimate of $43.97 billion. Quarterly EPS of $2.27 was also better than the consensus estimate of $2.07.

According to the analysts at Oppenheimer, it was another impressive quarter for the company, with 22% year-over-year revenue growth. Azure revenue growth was 48% year-over-year, driven by consumption-based services. Windows OEM grew 10% year-over-year despite supply chain constraints and Windows 11 deferrals. Healthy Azure growth is expected in Q2, but growth should moderate given the size of the installed base.

According to the analysts, Azure should see healthy growth and benefit from Microsoft 365 momentum, although this growth will moderate due to the installed base.