Barron’s, By Tiernan Ray | July 22nd, 2015 (Read article)

Shares of Microsoft (MSFT) are down $1.41, or 3%, at $45.87, after the company yesterday reported fiscal Q4 results that topped expectations, but forecast revenue this quarter below consensus, citing a hit from the rising U.S. dollar, among other things.

The debate between bulls and bears this morning seems to be pretty evenly split between the euphoria of the former regarding Microsoft’s continued shift to cloud computing revenue, which is on pace to log $8 billion over a 12-month time frame, and the concern of the latter regarding lower server software revenue than expected.