专题：聚焦美股2025年第四季度财报 专题：聚焦美股2025年第四季度财报 周四盘前交易时段，软件公司股价普遍走低，此前微软和SAP均公布了财报。 微软下跌7%，SAP下跌14%。 其他个股动态：Datadog下跌5.7%，Atlassian下跌4.3%，Snowflake下跌3.4%，Workday下跌4.3%， MongoDB下跌2.9%，Salesforce下跌3.1%，Adobe下跌1.9%。 相关新闻：微软股价盘后大跌 支出创纪录新高且云业务增长放缓 责任编辑：刘明亮 周四盘前交易时段，软件公司股价普遍走低，此前微软和SAP均公布了财报。 微软下跌7%，SAP下跌14%。 其他个股动态：Datadog下跌5.7%，Atlassian下跌4.3%，Snowflake下跌3.4%，Workday下跌4.3%， MongoDB下跌2.9%，Salesforce下跌3.1%，Adobe下跌1.9%。 相关新闻：微软股价盘后大跌 支出创纪录新高且云业务增长放缓 责任编辑：刘明亮 ...

Core Insights - Microsoft's Q2 FY2026 earnings report showed revenue and profit exceeding Wall Street expectations, but the stock price faced pressure due to concerns over rising capital expenditures and the pace of cloud business growth [1][3]. Financial Performance - Revenue reached $81 billion, a 17% year-over-year increase, surpassing market expectations by 1% [3]. - Non-GAAP EPS was $4.41, up 23% year-over-year, exceeding market expectations by 5% [3]. - Azure cloud business grew 38% at constant currency, slightly above Wall Street's forecast of 37% [3]. Capital Expenditure Concerns - Capital expenditures for the quarter were $37.5 billion, exceeding market expectations by 9% [3][4]. - Investors are worried that high capital spending has not yet translated into a proportional increase in Azure's growth rate [4]. - Goldman Sachs noted that Microsoft is prioritizing resources for strategic products like Copilot and internal R&D over short-term Azure revenue growth [4]. Azure Capacity Constraints - Microsoft management indicated that Azure is currently facing capacity limitations rather than a lack of demand [5]. - Goldman Sachs emphasized that Azure's growth guidance of 37%-38% for Q3 should be viewed as a reflection of capacity allocation rather than pure demand [5]. - If capacity had not been directed towards first-party applications and internal R&D, Azure's revenue growth could have exceeded 40% [5]. AI Product Development - The commercialization path for Copilot is becoming clearer, with a 160% year-over-year increase in M365 Copilot seats, reaching 15 million paid seats [7]. - Copilot is expected to have a better customer lifetime value to customer acquisition cost ratio compared to Azure, due to higher margins and customer stickiness [7]. - The growth guidance for M365 commercial cloud has slightly slowed to 13%-14%, reflecting the addition of new seats at lower average revenue per user [7]. Valuation Adjustments - Goldman Sachs adjusted Microsoft's valuation model, lowering the target P/E ratio from 32x to 28x, resulting in a target price reduction to $600 [8]. - Key downside risks include lower-than-expected revenue contributions from the OpenAI partnership, prolonged ramp-up times for internal chip production, and potential negative impacts from leadership changes [8].

格隆汇1月29日｜Wedbush将微软公司目标价格从625美元下调至575美元，将Meta目标价格从880美元上 调至900美元。 ...

格隆汇1月29日｜富国银行将微软公司目标股价从630美元下调至615美元。巴克莱银行将微软公司目标 股价从610美元下调至600美元。 ...

单季狂赚385亿美元，依然难挡华尔街对微软的焦虑。 因为云业务增速赶不上前所未有的烧钱速度，市场恐慌正在加剧。 周四，微软股价在法兰克福市场下跌6%，美股盘前也大跌超6%，报451.33美元。 净利飙升60% 财报显示，微软2026财年第二季度营收和利润均超出华尔街预期。 其中，营收813亿美元，同比增长17%，高于预期的803.1亿美元。 营业利润为383亿美元，同比增长21%，同样高于预期。 按GAAP口径计算，净利润飙升60%至385亿美元。稀释后每股收益为5.16美元，同比增长60%，高于预 期的3.92美元。 | (In百万关元,细般含额除外)(朱经富计) | | | 止三个月 | | | 止六个月 | | --- | --- | --- | --- | --- | --- | --- | | | | | 12月31日, | | | 12月31日, | | | | 2025 | 2024 | | 2025 | 2024 | | 收入: | | | | | | | | 产品 | રે | 16,451 $ | 16,219 | $ | 32,373 $ | 31,491 | | 服务等 | | 64, ...

格隆汇1月29日｜加拿大丰业银行：将微软(MSFT.US)目标价从650美元下调至600美元。 ...

Core Viewpoint - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion for Q2, with operating profit increasing by 21% to $38.3 billion, both exceeding expectations [1] Group 1: Financial Performance - Revenue for the second fiscal quarter reached $81.3 billion, reflecting a 17% increase compared to the previous year [1] - Operating profit rose to $38.3 billion, marking a 21% year-over-year growth [1] Group 2: Azure Cloud Business - Azure cloud computing revenue grew by 38% year-over-year, aligning with analyst expectations, but showed a 1 percentage point slowdown compared to the previous quarter [1] Group 3: Capital Expenditure - Capital expenditures surged by 66% year-over-year, reaching a record $37.5 billion, raising concerns about the sustainability and profitability of AI demand [1]

Core Insights - Microsoft reported strong financial results for Q2 of FY2026, with revenue of $81.3 billion, a 17% year-over-year increase, and net income of $38.5 billion, reflecting a 60% increase [2] - The cloud business revenue surpassed $50 billion, indicating robust demand for Microsoft's service offerings [2][4] - Despite exceeding expectations, Microsoft's stock price fell approximately 7% post-earnings release [2] Financial Performance - Revenue: $81.3 billion, up 17% year-over-year [2] - Operating Income: $38.3 billion, up 21% year-over-year [2] - GAAP Net Income: $38.5 billion, up 60% year-over-year [2] - Non-GAAP Net Income: $30.9 billion, up 23% year-over-year [2] - Earnings per Share: $5.16, with $1.02 attributed to OpenAI-related earnings [6] Cloud Business Insights - Cloud revenue reached $51.5 billion, a 26% year-over-year increase, with Azure and other cloud services growing by 39% [4][6] - The backlog of cloud contracts doubled year-over-year to $625 billion, with 45% of this attributed to OpenAI [7] - The growth rate of cloud business has slightly slowed, down about 1% from the previous quarter [4] AI and OpenAI Impact - Microsoft's performance is significantly influenced by its partnership with OpenAI, with $7.6 billion of net income derived from OpenAI-related earnings [6] - The company is integrating AI tools powered by OpenAI into its products, aiming to enhance productivity software and cloud service sales [6] - The future sales potential is bolstered by a new $250 billion agreement with OpenAI, reflecting a strong reliance on AI for growth [7]

据追风交易台，摩根大通分析师Harlan Sur解读微软与Meta最新财报指出，AI基础设施的支出强度已明 确进入新一轮扩张周期。 这表明，在基础模型、AI代理及商业化应用加速部署的推动下，算力需求持续超越供给能力，驱动云 计算与超大规模企业持续加大投入。摩根大通认为，当前供需格局下，主要科技企业的资本支出仍具上 调空间，投资将重点集中于数据中心、服务器及网络基础设施，进而带动相关半导体产业链业绩。该投 资趋势预计将延续至2027年。 供应极限成为常态：需求缺口将持续 供应紧张已成为当前人工智能基础设施建设的核心瓶颈。微软与Meta在最新财报会议中均指出，算力 需求持续超越供应能力。 供需失衡的结构性原因在于基础模型、AI代理及商业化应用的加速部署，推动计算强度呈现指数级增 长。Meta透露，其用于训练生成式广告模型的GPU集群规模已实现翻倍，并正进一步扩展以支持2026 年新一代GEM模型的训练。 这种持续的供应紧缺态势，预计将继续支撑数据中心、服务器及网络基础设施在2026年至2027年间保持 高强度投资。 定制芯片开发成为战略重点 两家科技巨头在最新财报中均表示，AI算力供应紧张态势贯穿2026年。两家 ...

| | | Three Months Ended | | Six Months Ended | | --- | --- | --- | --- | --- | | | | December 31, | | December 31, | | | 2025 | 2024 | 2025 | 2024 | | Revenue: | | | | | | Product | $16,451 | $16,219 | $32,373 | $31,491 | | Service and other | 64,822 | 53,413 | 126,573 | 103,726 | | Total revenue | 81,273 | 69,632 | 158,946 | 135,217 | | Cost of revenue: | | | | | | Product | 3,505 | 3,856 | 6,427 | 7,150 | | Service and other | 22,473 | 17,943 | 43,594 | 34,748 | | Total cost of revenue | 25,978 | 21,799 ...