Microsoft shares fell about 7% in extended trading on Tuesday after the company reported softer cloud revenue than expected in its fiscal first quarter and gave weak quarterly guidance.Here’s how the company did:Earnings: $2.35 per share, vs. $2.30 per share as expected by analysts, according to Refinitiv.Revenue: $50.12 billion, vs. $49.61 billion as expected by analysts, according to Refinitiv.With respect to guidance, Microsoft sees $52.35 billion to $53.35 billion in revenue for the fiscal second quarter, which implies 2% growth at the middle of the range. Analysts polled by Refinitiv had been looking for revenue of $56.05 billion. Microsoft’s implied operating margin for the fiscal second quarter was about 40%, narrower than the 42% consensus among analysts polled by StreetAccount.In the fiscal first quarter, total revenue grew 11% year over year, according to a statement.Cyclical trends are affecting Microsoft’s consumer business, CEO Satya Nadella said on a conference call with analysts.Net income fell by 14% to $17.56 billion. Microsoft had a $3.3 billion tax benefit in the year-ago quarter. But the company lengthened the useful lives of servers and networking equipment to six years from four years, resulting in an $859 million bump to net income in the fiscal first quarter. Still, the company’s gross margin, at 69.2%, trailed the StreetAccount consensus estimate of 69.8%.Microsoft’s Intelligent Cloud business segment, which includes the Azure public cloud, as well as Windo …
