格隆汇7月31日｜微软(MSFT.US)盘前涨近9%，报557.66美元。公司公布最新财报显示，2025财年第四 财季营收764.4亿美元，同比增18%，高于市场预期的738.3亿美元，创下近三年来最快增速；净利润从 上年同期的220.4亿美元大幅提升至272.3亿美元；每股收益3.65美元，也高于市场预期的3.38美元。 值得注意的是，Azure云平台成为营收亮点，云计算业务收入同比增长34%，最终超过750亿美元。微软 还预测第三季资本支出将达到创纪录的300亿美元，是单季历史新高。 ...

微软生产力和业务流程部门在第四财季也表现出色，营收达到331亿美元，同比增长16%。LinkedIn的营收增长9%，尽管人才解决方案业务受到招聘市场疲 软的影响，但整体业务仍呈现增长态势。 对于下个季度的业绩展望，微软表示，预计Azure下季度收入增长约为37%（按固定汇率计算），这得益于市场对服务组合的持续需求。在AI服务方面，微 软将继续按计划上线数据中心容量，但预计上半财年AI容量将受到一定限制。 微软近日公布了其2025财年第四财季的财务报告，数据显示公司在截至2025年6月30日的这一季度中表现强劲。 展望未来，微软表示，鉴于对云和人工智能产品的强劲需求以及大量合同积压，公司将继续加大在资本支出和运营费用方面的投资。预计2026财年第一财季 的资本支出将超过300亿美元。与25财年相比，2026财年的资本支出增长将有所放缓，但短期资产组合将更加丰富。 财报亮点在于，微软该季度营收达到764亿美元，实现了18%的同比增长。净利润更是攀升至272亿美元，同比增长高达24%。这一业绩超出了市场预期，导 致微软盘后股价飙升超过8%。 在个人计算业务方面，微软上个季度营收为135亿美元，同比增长9%。其中，W ...

微软盘前涨超8%，2025财年Q4营收764.4亿美元，上年同期647亿美元，市场预期738.07亿美元。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美股盘前，微软涨近9%，Meta涨12%，高通因手机业务疲软跌4.7%，AMD涨3%，英伟达涨2%，超微 电脑涨超2%。 风险提示及免责条款 ...

微软(MSFT.O)盘前上涨9.1%，因Azure云业务收入强劲增长。 ...

责任编辑：何俊熹 8月1日至4日，第二十二届ChinaJoy将在上海新国际博览中心举行。微软大中华区首席运营官陶然在 CDEC高峰论坛参加座谈。 陶然表示，有很多的讨论和文章在说"AI会不会取代人类的工作或工种"，"我们认为在AI时代，应该把 AI变成人类的好朋友，最终的目标不是说要取代（人类）。" ...

智通财经7月31日电，微软美股盘前上涨8.77%，其第四财季净利润同比增长24%；Meta盘前上涨 12.38%，其二季度净利润同比增长36%；Arm盘前下跌7.24%，其第一财季净利润同比下降42%。 ...

Core Viewpoint - Microsoft is focusing on capital expenditures exceeding $30 billion for FY2025 Q1, supported by a backlog of $368 billion in contracts, which includes the entire Microsoft Cloud ecosystem, not just Azure [1][7] Group 1: Financial Performance and Strategy - The company anticipates a decrease in the growth rate of capital expenditures, but investments in short-term assets like servers and GPUs are closely tied to backlog orders and demand curves [1][7] - Profit margins will be enhanced not only through cost control but also by launching competitive and innovative products that drive revenue growth, creating a self-reinforcing cycle [1][9] - The company is committed to improving efficiency across all technology stacks, leveraging the compounding effects of the S-curve, while simultaneously expanding operations [1][9] Group 2: Market Trends and Customer Migration - Customer migration remains healthy, with significant examples like Nestlé's SAP instance and extensive data and server migrations, indicating that this trend is still in its early stages [4] - The expansion of cloud-native applications is notable, with many customers drawn to Azure not just for AI but for broader cloud services [4] - There is a substantial increase in AI-related workloads, contributing to the overall growth of the cloud services [4] Group 3: AI and SaaS Monetization - The transition from servers to cloud services is seen as a significant growth opportunity, with AI driving similar transformations in the market [2] - SaaS applications are integrating intelligent agents and chat interfaces, which will enhance user engagement and performance metrics [2][3] - Monetization strategies are evolving, with tiered user models and consumption-based models expected to merge as AI capabilities improve [3] Group 4: Future Outlook and Investment - The company is satisfied with the return on investment from capital expenditures, which are directly related to contract delivery, and is focused on accumulating orders and expanding business capacity [7] - The relationship between capital expenditures and Azure growth rates is expected to evolve, with ongoing investments necessary to meet increasing demand [7] - The company emphasizes the importance of software in enhancing hardware performance, indicating that software skills will drive significant returns [8]

Core Insights - Microsoft is in critical negotiations with OpenAI to reach a historic agreement that would allow Microsoft to continue using OpenAI's latest models and technologies even if OpenAI achieves its AGI goals [1][4] Group 1: Current Agreements and Implications - The original agreement signed in 2019 stipulates that Microsoft would lose access to OpenAI's subsequent technologies if OpenAI develops an AGI system capable of surpassing human performance in most economically valuable tasks [4] - This clause is intended to prevent the monopolization of AGI by a single commercial entity, but it has become a significant risk for Microsoft [4] Group 2: Financial Investments and Strategic Concerns - Microsoft has invested over $13.75 billion in OpenAI and has deeply integrated its technologies into core products such as Azure cloud services, Windows, Office, and GitHub Copilot [4] - If Microsoft loses access due to the AGI clause, it would face technological obsolescence, strategic disadvantages, and the risk of its substantial investments being rendered worthless [4] Group 3: Regulatory Scrutiny - Regulatory bodies in the EU and the US are conducting antitrust reviews of the collaboration between Microsoft and OpenAI, concerned about the potential formation of an AI technology monopoly [4] - If Microsoft expands its control during negotiations, it may trigger more stringent regulatory interventions [4]

格隆汇7月31日｜摩根大通：将微软(MSFT.US)目标价从475美元上调至565美元。 ...