Microsoft reported an increase in profit and revenue for its fiscal first quarter as the company's Azure cloud infrastructure business grew faster than expected. The stock rose about 1% in extended trading.

Here is the company's performance compared to the LSEG consensus:

• Earnings per share: $3.30 versus expected $3.10
• Revenue: $65.59 billion versus expected $64.51 billion

Microsoft's revenue rose 16% year-over-year in the quarter ended Sept. 30, according to a statement. Net income rose to $24.67 billion from $22.29 billion in the same quarter last year.

In August, Microsoft announced it would overhaul its business segment reporting to reflect its management approach. Mobility and security services and some Windows revenue are now part of the Productivity and Business Processes unit, which also includes Office software.

Productivity and business processes revenue reached $28.32 billion in the quarter. The figure is up 12% and above the $27.90 billion consensus of analysts surveyed by StreetAccount. That's 38% higher than the midpoint of management's $20.45 billion forecast in July, as the actual total takes the changes into account.

Investors got a clearer picture of cloud computing usage at Microsoft as the revenue growth metric for Azure and other cloud services excludes mobility and security and Power BI data analytics revenue for the first time. Azure growth was 33% for the quarter. CNBC's consensus for Azure growth was 32.8%, while StreetAccount's was 29.4%.

The entire Intelligent Cloud segment, including Azure, Windows Server and business services, generated revenue of $24.09 billion. That's up 20% and slightly higher than the StreetAccount consensus of $24.04.

In alphabet In its earnings report on Tuesday, the Internet company said its cloud business, which competes with Azure, grew nearly 35% year-over-year to $11.35 billion, beating estimates. Amazonwhich leads the cloud infrastructure market, is expected to report results after the market closes on Thursday.

As of Tuesday's close, Microsoft was up about 15% for the year, while the Nasdaq was up about 25% over the same period.

Executives will discuss the results and provide guidance in a conference call with analysts beginning at 5:30 p.m. ET.

Correction: An earlier version of this story had an incorrect end-of-quarter date. It was September 30th.