Two other elements on investors' radar are Windows 10 and Microsoft's new reporting structure.
On Oct. 6, Microsoft said that about 110 million devices were running the new operating system, which was unveiled earlier this year.
"While this number suggests strong initial adoption of Windows 10, we note that many of the users are likely due to free upgrades on existing devices and unlikely to have a major impact on revenues in first-quarter fiscal year 2016," Grieb said.
However, Ives contended in a note Sunday that "this is the only way to go" in order for Microsoft and CEO Satya Nadella to gain as many adopters of the operating system as possible.
As for changes to the company's reporting structure, Ives told CNBC.com they will provide more transparency, "but could make for a knee-jerk reaction on earnings."
The company announced in late September it will be reporting revenue and operating income on three businesses: Productivity and Business Processes, Intelligent Cloud and More Personal Computing.