Microsoft Corp. (NASDAQ:MSFT) will report its first fiscal quarterly earnings after the close today, and the webcast is scheduled for 5:30 p.m. ET.

Investors and analysts will look at three main business segments: Microsoft applications, gaming and the online division.

• After many delays, Microsoft is finally about to launch its new operating system, Windows Vista. Investors are quite bullish on Vista, expecting higher PC sales and higher licensing income as a result. Also, Microsoft's new version of its Office application should be ready next year.
• Xbox 360 - another bullish outlook. Xbox is expected to gain market share in the coming year, mostly from PlayStation. And while Microsoft still loses money on Xbox sales, these losses are expected to diminish and eventually disappear.
• Finally, the online division. Microsoft has rolled out its Live version and the Live search. However, competition here is strong.

Other issues:

• Zune - while most don't expect Microsoft to make significant strides at first, investors are upbeat about the product
• Web 2.0 - what could the impact of online applications do to Microsoft suites of product?
• Cash - investors are eager for Microsoft to do something with its big cash reserve.

As you can see, most of the issues are very forward-looking, indicating investors wouldn't put much emphasis into this quarter's numbers, but will look at the plans and the indications going forward.

In numbers: Consensus for this quarter is for 31 cents earnings per share on $10.8 billion in revenue.

At $28.17, MSFT stock had a good run since June, up over 20%. It is now near its 52-week high.

Here's another preview from TheStree.com.