As Keith McCullough pointed out to subscribers in a Real-Time Alert this morning, Hedgeye’s Tech analyst Ami Joseph gave the most important fundamental research update LIVE on The Call @Hedgeye this morning on MSFT's intra-quarter business trends.

Case in point: Microsoft fired more people last week (after promising multiple rounds of layoffs would come to an end in March).

“The signal to all of us is they’re seeing the rate of revenue recovery against easy comps is maybe not going to be robust enough to waterfall incremental profits on its own, so they’re back at it,” explains Ami Joseph in this clip from The Call @ Hedgeye.

“Microsoft isn’t signaling higher highs in its risk range,” adds Keith McCullough. “It’s done going up, in other words. It might trade sideways, but it’s done going vertical.”

Watch the full clip above.

Warning: Microsoft Is “Done Going Vertical” | $MSFT - Call Banner