Microsoft Corp. (NASDAQ: MSFT) has been quickly rising over the past year, with shares up about 30% in this time, and is closing in on Alphabet Inc. (NASDAQ: GOOGL). Both companies have sizable market caps, Microsoft at $511 billion and Alphabet at $575 billion, but Microsoft has been growing at a rate that can eclipse its rival. Analysts seem to think so as well.

24/7 Wall St. has compared each company’s earnings, as well as what analysts are saying after the fact.

Microsoft’s earnings, matched against Alphabet’s, show the extent to which CEO Satya Nadella has transformed the company. Microsoft’s Productivity and Businesses division had revenue of $7.3 billion. The division has both the consumer and business sides of the old Windows business. The Intelligent Cloud division is Microsoft’s huge cloud intuitive, which is large enough to threaten industry leader Amazon.

Google, on the other hand, continues to rely almost completely on search, which makes it the one-legged stool that creates investor anxiety. Google ad revenue was $19.1 billion of the fourth quarter total of $21.2 billion. And the aggregate cost per click, one of Google’s most important metrics, fell 9% year over year. Its revenue from what it calls “other bets” was a mere $262 million.

Microsoft posted strong results for its fiscal second quarter. The company said it had $0.83 in earnings per share (EPS) and $26.1 billion in revenue. The consensus estimates from Thomson Reuters were $0.79 in EPS and revenue of $25.28 billion. The same period of last year reportedly had EPS of $0.78 and $25.69 billion in revenue.

Also during this quarter, Microsoft completed the acquisition of LinkedIn. For the second quarter of fiscal year 2017, the results of LinkedIn, including amortization of acquired intangible assets, contributed revenue, operating income, net income and diluted EPS of $228 million, −$201 million, −$100 million and −$0.01, respectively.

A few analysts weighed in on Microsoft after the earnings report:

• Instinet has a Buy rating and raised its target to $70 from $68.
• Raymond James raised its price target to $73 from $69.
• BMO has an Outperform rating with a price target of $71.
• Barclays has an Overweight rating and raised the target to $71 from $70.
• Goldman Sachs raised the price target to $72 from $68.
• Cowen has an Outperform rating and raised the price target to $70 from $66.

Share of Microsoft closed Friday at $65.78. The stock has a consensus analyst price target of $66.14 and a 52-week trading range of $48.04 to $65.91.

The company formerly known as Google reported that it had $9.36 in EPS and $26.06 billion in revenue. The consensus estimates were $9.64 in EPS on revenue of $25.23 billion. In the same period of last year, it posted EPS of $8.67 and $21.33 billion in revenue.

During this quarter, aggregate paid clicks grew by 20% year over year, while the aggregate cost-per-click fell by 9%.

Traffic acquisition costs (TAC) totaled $4.85 billion for the quarter, which was 22% of Google advertising revenues. TAC to Google network members made up 70% of their properties revenues.

A few analysts weighed in on Alphabet:

• Canaccord Genuity raised its price target to $950 from $925.
• Citigroup has a Buy rating and raised the price target to $985 from $975.
• Jefferies reiterated a Buy rating with a $1,000 price target.
• UBS raised the price target to $980 from $960.
• Wedbush maintained its Underperform rating with a $700 price target.

Alphabet shares closed Friday at $845.03, with a consensus price target of $969.86 and a 52-week range of $672.66 to $866.91.

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