Tech giant Microsoft reported its earnings for the first quarter of fiscal 2025, beating the estimates of analysts. The company’s stock edged up after the release before sliding close to 4% on weaker-than-expected growth guidance.

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Microsoft reported $3.30 in earnings per share compared to $3.10 per share estimated by analysts, while its revenue of $65.59 billion also came above the expected $64.51 billion mark.

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However, the company expects its revenue in the current quarter to grow slightly above 10% and land in the range of $68.1 billion to $69.1 billion. On the other hand, the analysts expected a more robust growth, estimating $69.83 billion.

50% year over year to $14.92 billion. The consensus among analysts polled by Capital IQ was $14.58 billion.

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One reason why Microsoft is expecting a weaker quarter is the heavy artificial intelligence spending that is starting to weigh in on its results. The company has been ramping up the outlay on AI in a more aggressive manner compared to its rivals but is still waiting for the profits to catch up. This included investing another $750 million in ChatGPT maker OpenAI on top of previous investments amounting to $13 billion.

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Overall, Microsoft had $14.92 billion in capital expenditures in Q1, representing a 50% year-over-year increase and coming above estimates of $14.74 billion.

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“AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process,” Microsoft CEO Satya Nadella said in a statement. “We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage.”