Share prices of Microsoft (NASDAQ: MSFT) were down 6% immediately following its fiscal second-quarter earnings report on Jan. 29. The software leader delivered revenue and earnings that topped Wall Street's expectations,

Microsoft reported second-quarter earnings and revenue that beat Wall Street estimates on Wednesday. The company said earnings were $3.23 a share on revenue of $69.6 billion. Analysts surveyed by FactSet were expecting earnings of $3.

The chart above points toward an increase of 14% and 17% in Microsoft's earnings over the next two fiscal years. That's why it may be a good idea to buy this stock following its recent pullback, as it is trading at 33 times earnings right now, which is in line with the tech-laden Nasdaq-100 index's earnings multiple.

Microsoft is set to report fiscal second-quarter earnings after the market closes Wednesday, with analysts largely bullish despite what Morgan Stanley called a growing “wall of worry."