The closely watched Azure division posted a 39 percent rise in sales during Microsoft’s fiscal fourth quarter, the company said in a statement on Wednesday. Analysts projected a 34 percent increase. The company’s forecast for a 37 percent growth in the current quarter also exceeded analyst estimates.

Microsoft investors have to wait a bit longer for the company's guidance, which it historically shares on the earnings call. Expect a heavy focus on cloud expectations and spending plans. But there's another big thing investors should listen for on the call,