JPMorgan released a report stating that Microsoft's first-quarter performance was generally stable, with total revenue increasing by 16% year-on-year to $65.6 billion, higher than the market's expected $64.5 billion. This was partially driven by the positive revenue impact from M365 Commercial, Azure, and on-premises server business, with revenue from each business segment reaching or exceeding the upper end of the guidance range. Azure grew by 34% at a fixed exchange rate, slightly higher than the guided 33% growth. JPMorgan believes that Microsoft's growth forecast for Azure in the second quarter is 31% to 32%, slightly below the bank's expectation of 32%. The company reiterated its forecast for accelerated growth of Azure in the second half of the 2025 fiscal year. The bank lowered Microsoft's target price from $470 to $465, with a "shareholding" rating.