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Microsoft can thank its innovative business- and consumer-targeted software programs for its strong quarterly earnings outperformance and positive growth outlook, Griffin Securities' Jay Vleeschhouwer told CNBC on Friday.
"Why is Microsoft doing well?" the software research analyst asked on "Squawk Box. " "It's not just storage" he said in a nod to Microsoft's cloud platform Azure, which competes with Amazon Web Services and which nearly doubled revenue from a year ago. "That's really not the most interesting part," Vleeschhouwer said.
"It is the fundamental applications, the functions, that you can do as a business, as a consumer, that are not being delivered in a new way and paid for in a new way,"
Azure's added revenue also helped Microsoft balance its slipping phone and device sales, Vleeschhouwer said.
"Total revenues beat, even with some substantial drag," he said. "For example, the phone business, which they probably should have never bought in the first place, was far more of a decline. But notwithstanding that, the more important business having to do with software [and] cloud services, exceeded expectations."
Vleeschhouwer's bottom line was that the company has more growing to do, as it focuses on internal investment and expanding its business.
"We've been recommending this stock for 4½ years," the analyst said. "We started at 30. It's been a double. We think there's more upside. Our last official published price target is $72."
Shares of Microsoft's were at $65.62 in premarket trading on Friday, up over 2 percent.