Core Insights - Microsoft CEO Satya Nadella wrote a memo explaining the paradox of significant profits and ongoing layoffs, referring to it as the "mystery of success" [1] - The company has made substantial profits of $75 billion over the past three fiscal quarters and plans to invest $80 billion in AI infrastructure by 2025 [1] - Despite layoffs, Microsoft expects its total employee count to remain stable [1] Employee Sentiment - Employees are speculating about the implications of the memo, questioning if further layoffs are forthcoming or if it is a response to upcoming financial reports [1][3] - Internal surveys indicate that employee sentiment is being monitored, although the company acknowledges the challenge of gauging emotions across its large workforce of approximately 220,000 employees [3] Leadership Response - Nadella's memo has received mixed feedback from employees, with some appreciating his leadership while others feel uncertain about the company's focus on key performance indicators over employee well-being [3][5] - Criticism of the memo includes perceptions of insensitivity and a lack of adequate explanation for the layoffs, with some employees suggesting it serves to signal to Wall Street rather than address internal concerns [5]

市场消息：微软(MSFT.O)调查其警报系统泄漏是否导致黑客攻击。 ...

智通财经7月26日电，微软调查警报程序信息泄露是否导致黑客攻击。 ...

Core Viewpoint - Morgan Stanley's report indicates that Microsoft's risk-reward profile is attractive due to its leading position in artificial intelligence, robust core business growth, and operational efficiency, supporting a medium to high single-digit total return in the long term [1] Group 1: Financial Performance and Projections - Microsoft is expected to achieve a total return rate of 15%-20% driven by its extensive investments in generative AI and strong operational cost management [2] - The company reported a strong performance in Q3 2025, with Azure achieving a 35% growth rate, surpassing the expected 31% [3] - For Q4 2025, Azure is projected to maintain a growth rate of 34%-35%, contributing significantly to Microsoft's revenue growth [3][4] Group 2: Azure Cloud Services - Azure is anticipated to achieve a 35%-36% year-over-year growth in Q4 2025, supported by positive feedback from channel partners and increased AI server production [4] - The demand for Azure remains strong, with 52% of CIOs planning to deploy workloads on the platform, indicating a stable spending intention [4] Group 3: Microsoft 365 Business Cloud - Microsoft 365 is expected to see approximately 15% year-over-year growth in Q4 2025, driven by average revenue per user [5] - The Microsoft 365 Copilot tool is gaining traction, with 72% of CIOs planning to use it in the next 12 months, indicating a growing adoption rate [5][6] Group 4: Security Business - Microsoft's security business is projected to grow by 9.8% in enterprise security spending, significantly outpacing overall software spending growth [7] - The demand for security solutions is driven by the increasing attack surface and regulatory compliance requirements, positioning Microsoft as a preferred choice for integrated security tools [7]

大摩维持对微软"增持"评级 目标价530美元 智通财经7月25日电，摩根士丹利近日发布研报，对微软第四财季业绩进行前瞻分析，认为其当前风险 回报具吸引力，核心逻辑在于微软在人工智能(AI)领域的领先布局、核心业务的稳健增长及运营效率优 势，有望支撑中长期实现中高个位数总回报。维持对微软"增持"评级，目标价530美元。 ...

| · LU.JU | | | | | --- | --- | --- | --- | | 美国第二 | | | | | 心PCE物t | | | | | 年率初值 | | | | | · 22:00 | | | | | 美国6月成 | 约销售指 | | | | · 22:30 | | | | | 美国至7月 | 当周EIA原 | | | | 存(万桶) | | | | | · 22:30 | | | | | 美国至7月 | 当周EIA战 | | | | 油储备库? | | | | | 桶) | | | | | 등 1970년 1월 1일 19일 10월 1 | | | | | | | | | | | | | | | | | | | | | -162 | A-13 | 212 12 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | · LU.JU | 白阴白郎十十 | · La | | --- | --- | --- | | 美国第二季度核 | · 16:30 | 美国 | | 心PCE物价指数 | 中国香港6月零 | 大 | | 年率初值 | ...

Core Viewpoint - Microsoft CEO Satya Nadella publicly addressed large-scale layoffs since 2025, expressing personal impact and acknowledging the pressure of cost-cutting measures [1][3]. Group 1: Layoffs and Employee Impact - As of this week, Microsoft has laid off over 15,000 employees, approximately 6.6% of its total workforce of 228,000 as of June 2024 [3]. - Some Microsoft employees expressed disappointment over the contradiction between the company's proclaimed values and the mass layoffs [4]. Group 2: Financial Performance and Market Reaction - Investors have responded positively to Microsoft's cost control measures, with the stock price surpassing $500 for the first time on July 9, maintaining a market capitalization as the second largest globally, only behind Nvidia [3]. - Over the past 12 months, Microsoft's stock has increased by approximately 34%, driven by growth in Azure cloud services and surging demand for artificial intelligence [3]. Group 3: Strategic Direction and Future Plans - Nadella emphasized the need for the company to "reimagine its mission in the AI era," transitioning from a "software factory" to an "intelligent engine" [4]. - The cost-cutting measures are seen as a means to create space for future technological investments, with Microsoft accelerating the integration of generative AI across its product lines, including Windows, Office, and Azure [4].

身处当前时代，充满了不确定因素。从每一个客观指标来看，微软都在蓬勃发展，我们的市场表现、战略定位和增长都在向上和向右发展，我们 的投资规模也超过此前任何时期。 在微软的发展过程中，也出现了一些矛盾的地方，微软的人才专业技能正在得到前所未有的认可和奖励，但我们依然无法避免裁员。 其中一个主要原因是，微软的发展轨迹注定不会是线性的，而是动态的，有时不协调，而且总是充满挑战。在裁员的另一面，为我们提供了一个 新的机会，让我们去塑造、引领，并比以往产生更大的影响。 纳德拉强调，微软目前正处于转型关键期，从传统的软件公司，转型为以"AI 优先"的组织。纳德拉认为，人工智能是下一个重大平台，其规模堪比个人电 脑革命。他希望微软能成为帮助客户构造智能体验，而不仅仅是使用微软的工具。 IT之家 7 月 25 日消息，微软公司昨日（7 月 24 日）发布博文，针对公司近期宣布裁员 9000 人，首席执行官萨提亚・纳德拉（Satya Nadella）解释了裁员原 因，并强调公司仍在持续增长和投资。 微软于今年 6 月宣布裁员 9000 人，是自 2023 年初以来该公司最大的一次裁员。在最新博文中，IT之家翻译纳德拉回应内容如下 ...

Core Insights - Microsoft CEO Satya Nadella stated that the overall headcount remains relatively stable [1] Group 1 - The company is maintaining a steady workforce despite market fluctuations [1]

微软CEO：员工总数相对保持不变。 ...