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Investors look ahead to Nadella's next moves

All eyes will be on new CEO Satya Nadella when Microsoft reports earnings after the bell Thursday, but instead of looking back at the software giant's most recent quarter, many investors will be looking for indications of Nadella's next moves.

Microsoft's stock is up about 10 percent since Nadella was named CEO in February.

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"It still might be a little bit of the honeymoon phase where he says 'Come and believe me' and they've started to believe," said Jeremy Rosenberg, Allison+Partners head of digital. "It's really going to be ... in the next quarter or so where he's going to have to show a lot of action with these partnerships, with new product rollouts and with new integrations in order to stay bullish on him."

Microsoft CEO Satya Nadella in front of the new Cortana logo as he delivers a keynote address during the 2014 Microsoft Build developer conference on April 2, 2014 in San Francisco.
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Microsoft CEO Satya Nadella in front of the new Cortana logo as he delivers a keynote address during the 2014 Microsoft Build developer conference on April 2, 2014 in San Francisco.

And while Nadella initially stressed the importance of Microsoft's enterprise and cloud businesses, the company's acquisition of cellphone maker Nokia could shift the focus to the average consumer.

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"I think he's really trying to broaden out what Microsoft's focus is ... taking this user-centric approach and understanding the thread between the business use, the personal use and how those people will be able to move from one to the other seamlessly. The introduction of Office to the iPad certainly makes that bold statement," Rosenberg said.

Thursday's conference call will be Nadella's first at the helm.

—By CNBC's Althea Chang.