Microsoft's success seen as not just resulting from Azure's strength
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When it comes to Microsoft (NASDAQ:MSFT), if there is anything that has recently gotten the attention of investors and software industry watchers, it is the company's cloud-computing platform, Azure.
That should come a little surprise. During Microsoft's (MSFT) recent fiscal third quarter, intelligent cloud revenue, which includes Azure, totaled $19.1 billion, and was the largest piece of the company's $49.4 billion in quarterly sales. Azure and related cloud services revenue also grew 46% from a year ago.
But, Microsoft (MSFT) is much more than Azure. And according to Barclays analyst Raimo Lenschow, investors are often focusing so much on Azure that they are missing out on the other parts of Microsoft (MSFT) that a supporting the company's success.
Lenschow said that with a "growth engine" worth more than $200 billion in annual revenue, Microsoft (MSFT) is achieving "broad-based success in many business lines, which should enhance investor confidence" in the company's outlook.
With regards to one of Microsoft's (MSFT) bread-and-butter offerings, Office, Lenschow said the suite of software and services has been able to grow at double-digit rates, even with its already massive size in the software market. 
When Microsoft reported third-quarter results in April, Office commercial products and cloud services revenue grew 12% from a year ago, while consumer-based Office cloud services and products sales rose 11%. Those gains helped boost Microsoft's (MSFT) revenue in productivity and business processes by 17% from a year ago to $15.8 billion.
The company's intelligent cloud offerings aside from Azure are also expanding, as server and cloud services revenue grew 29%. Lenschow said that these gains have come "despite the maturity of the market, its large size and smaller next-generation competitors," with Microsoft (MSFT) adding to its market share "in the 'classic' segments like database," as well.
Yet, even with strong growth in those segments, Lenschow said "the real exciting option" for the company lies in its gaming business.
Microsoft (MSFT) is said to be on the path toward soon rolling out a version of its Game Pass subscription service that will let users share their subscriptions with family members. Lenschow said that along market share gains for the Xbox and the upcoming acquisition of Activision Blizzard (ATVI), "this is all about creating another large subscription stream" for the company.
Analysts have also recently said Microsoft (MSFT) should still be able to handle issues related to foreign currency exchange rates that will have an impact on its fourth-quarter earnings and sales. The company also said it would "significantly scale down" its remaining business operations in Russia due to Moscow's ongoing invasion of Ukraine.