NEW YORK (CNN/Money) - Once again, strong earnings results paired with disappointing qualifying language could prevent a rally on Wall Street and lead investors to pull money out of stocks not meeting analysts' high expectations.

Microsoft Corp. (MSFT: Research, Estimates), fresh from unveiling the largest-ever cash payout to shareholders, posted a rise in profit after the bell Thursday, but forecast fiscal first-quarter earnings below analysts' estimates, and its shares fell by about 2 percent in after-hours trade.

Microsoft said that it is expecting a net profit of 25 cents per share, including a 5-cent charge in its first fiscal quarter, ending in September, on revenue of $8.9 billion to $9 billion. Analysts were, on average, looking for first-quarter earnings of 32 cents per share, excluding items, on revenue of $8.79 billion.

The world's largest software maker's revenue rose to $9.29 billion from $8.07 billion a year earlier. Excluding stock-based compensation and a one-time tax benefit, Microsoft said it had a profit of 28 cents per share. Analysts had expected, on average, Microsoft to post a profit of 28 cents per share, excluding items.

Coca-Cola Co. reported on Thursday a 16-percent jump in net profit in the second quarter, boosted by a weak U.S. dollar and modest growth in sales of its soft drinks, juices and bottled waters.

The world's largest soft drink maker posted net income of $1.58 billion, or 65 cents a share, in the second quarter, compared with a profit of $1.36 billion, or 55 cents a share, in the same period in 2003.

Coke (KO: Research, Estimates) shares were up half a percent after the bell to $49.29.

Amazon.com Inc. swung to a $76.4 million profit in the second quarter as revenue leaped 26 percent, prodded by the Internet retailer's offer of free shipping.

Amazon's earnings in the quarter ended June 30 amounted to 18 cents per share -- a penny below analysts' projection of 19 cents, according to Thomson First Call. In the comparable quarter last year, Amazon lost $43.3 million, 11 cents per share.

Nonetheless, investors punished Amazon (AMZN: Research, Estimates) for the penny miss by sending its shares down almost 5 percent after the bell. Shares closed at $45.82, up two percent, during normal trading hours.

Releasing earnings before the bell Friday are Clear Channel (CCU: Research, Estimates), Halliburton (HAL: Research, Estimates), Weyerhaeuser (WY: Research, Estimates) and Xerox Corp (XRX: Research, Estimates). Analysts expect earnings per share of 33 cents at Halliburton and 17 cents a share at Xerox.

Also releasing earnings after the bell Thursday was personal computer maker Gateway Inc., which posted a wider quarterly loss from a year ago due to charges but reported rising revenue helped by higher sales in the professional and retail sectors.

The Poway, California company, which earlier this year bought rival eMachines, said it had a second-quarter net loss of $338.6 million, or 91 cents a share, compared with a year-ago net loss of $72.6 million, or 22 cents a share.

Shares in Gateway (GTW: Research, Estimates) were up after-hours Thursday more than 1 percent to $4.40.

Business-software maker Computer Associates International Inc.'s fiscal first-quarter net income rose dramatically as revenue increased 9.4 percent and costs remained steady.

But the Islandia-based company also said Thursday it expects second-quarter earnings, before items, to fall below Wall Street's forecast.

Shares in Computer Associates (CA: Research, Estimates) were down slightly after the bell after closing at $24.73.

Amgen Inc., the world's largest biotechnology company, said Thursday its second-quarter earnings rose on higher sales of its drugs for arthritis, anemia and to boost the immune system of cancer patients.

Amgen, based in Thousand Oaks, California, posted a net profit of $748 million, or 57 cents per share, compared with $607 million, or 45 cents per share, a year ago.

Shares in Amgen (AMGN: Research, Estimates) were down almost 2 percent Thursday after the bell to $54.88, after closing at $56.10 on the Nasdaq.

And drug wholesaler McKesson Corp. reported higher first-quarter profits Thursday after the company reported a gain from the settlement of an antitrust lawsuit.

Net income rose to $163.6 million, or 55 cents per share, from $155.6 million, or 53 cents per diluted share, a year earlier.

McKesson (MCK: Research, Estimates) shares were up one and a half percent after the close Thursday after finishing at $32.25.