Group 1: Economic Overview - The US GDP for Q2 grew by 3%, surpassing the market expectation of 2.4%, rebounding from a 0.5% decline in Q1 [2] - The growth was primarily driven by a decrease in imports, with domestic demand only slightly increasing [2] - The latest ADP report indicated that private sector employment increased by 104,000 in July, exceeding the forecast of 75,000 [2] Group 2: Federal Reserve and Interest Rates - The Federal Reserve maintained the federal funds rate, aligning with market expectations, while Chairman Powell stated that a decision on a rate cut in September has not yet been made [2][3] - Following the Fed's statement, market expectations for a rate cut in September rose to approximately 68%, but fell below 50% after Powell's comments [3] Group 3: Company Earnings - Meta reported Q2 revenue of $47.52 billion, exceeding the market expectation of $44.83 billion, with ad revenue of $46.5 billion also surpassing expectations [4] - Meta's Reality Labs division reported a loss of $4.5 billion, better than the anticipated loss of $4.8 billion, and EPS was $7.14, above the expected $5.89 [4] - Microsoft posted Q2 revenue of $76.44 billion, an 18% year-over-year increase, exceeding the forecast of $73.89 billion, with EPS of $3.65, up 24% [5] Group 4: Future Projections - Meta expects total revenue for Q3 to be between $47.5 billion and $50.5 billion, with analyst estimates averaging $46.17 billion [5] - Microsoft anticipates a significant increase in total spending and capital expenditures in 2026, primarily due to rising infrastructure costs and ongoing investments in AI [5] Group 5: Market Reactions - Following the positive earnings report, Meta's stock rose over 11% in after-hours trading [5] - Microsoft's stock increased by over 7% after the earnings announcement, potentially placing it in the $4 trillion market cap club alongside Nvidia [6]

Core Insights - Microsoft reported better-than-expected earnings and revenue for Q4, leading to a 7% increase in stock price after hours [2] - Earnings per share were $3.65, exceeding the expected $3.37, while revenue reached $76.44 billion, surpassing the forecast of $73.81 billion [2] - Revenue grew 18% year-over-year, marking the fastest growth in over three years, with net income rising from $22.04 billion to $27.23 billion [2] Cloud Business Performance - The Intelligent Cloud segment, which includes Azure, generated $29.88 billion in revenue, a year-over-year increase of approximately 26%, exceeding the consensus estimate of $28.92 billion [2] - Azure revenue growth was reported at 39% for the quarter, outperforming analyst expectations of 34.4% and 35.3% [3] Productivity and Business Processes - The Productivity and Business Processes segment, which includes Office and LinkedIn, achieved revenue of $33.11 billion, surpassing the consensus estimate of $32.12 billion [4] - The adoption of Microsoft 365 Copilot has contributed to an increase in revenue per user for Microsoft 365 commercial cloud products [4] Personal Computing Segment - The More Personal Computing segment, which encompasses Windows, search advertising, devices, and video games, reported total revenue of $13.45 billion, a 9% year-over-year increase, exceeding the expected $12.68 billion [4] - Device sales and Windows OS licensing to manufacturers grew by 3%, with Gartner estimating a 4.4% increase in PC shipments for the quarter [4] Capital Expenditures and Investments - Microsoft’s capital expenditures and assets acquired through financing leases reached $24.2 billion, a 27% increase year-over-year [4] - The company is investing heavily in data centers equipped with advanced chips for AI model development and handling larger workloads [4] Stock Performance and Market Capitalization - Microsoft’s stock has risen 22% year-to-date, nearing historical highs, while the S&P 500 index has increased by approximately 8% [6] - The stock price surpassed $550 in after-hours trading, bringing the market capitalization to around $4.1 trillion, making it the second company to exceed a $4 trillion valuation after Nvidia [6]

格隆汇7月31日｜微软(MSFT.US)美股夜盘现涨8%，若此涨势能维持到周四开盘，其将成为继英伟达之 后，第二家市值突破4万亿美元的公司。 ...

Financial Performance - Microsoft reported Q4 FY2025 revenue of $76.441 billion, an 18% year-over-year increase, and a net profit of $27.233 billion, up 24% year-over-year [1] - The revenue growth was 17% when excluding the impact of currency fluctuations, while net profit growth was 22% when excluding currency effects [1] AI and SaaS Development - The adoption of generative AI is still in its early stages but is continuously increasing, with management discussing the best ways for software companies to monetize AI in the SaaS sector [2] - Microsoft is focusing on expanding its product offerings and platforms based on the success of its core applications, which is expected to create a ripple effect in the market [2][3] Azure Growth Factors - Three main factors driving Azure's growth include migration activities, the expansion of cloud-native applications, and new AI workloads [5] - Notable examples of migration include Nestlé's SAP system moving to Azure, which reflects a broader trend of companies transitioning to cloud services [5] Capital Expenditure and Infrastructure - Microsoft has $368 billion in signed but undelivered orders, indicating strong demand for its cloud services, which is closely tied to its capital expenditure [10] - The company is focused on expanding its infrastructure to meet growing demand, particularly in servers, GPUs, and storage [10][12] Profitability and Efficiency - The company emphasizes that revenue growth and the introduction of competitive, innovative products are key drivers for improving profit margins [12] - Microsoft is committed to enhancing efficiency across its technology stack, which is expected to yield compound effects on profitability [12]

微软公布的最新财报显示，其2025财年第四财季的收入为764.4亿美元，高于预期的738.1亿美元。在本 次财报中，微软首次以美元披露Azure业务规模，2025财年，Azure及其他云服务营收超过750亿美元， 较上年增长34%。 ...

大家早上壕！ 先看海外要闻： 美股涨跌不一，道指收跌0.38%、纳指收涨0.15%、标普500收跌0.12%；英伟达收涨2.14%、谷歌A涨0.4%、微软涨0.13%、亚马逊则收跌0.35%、 特斯拉跌0.67%、Meta跌0.68%、苹果跌1.05%。 美联储连续五次会议按兵不动，但两票委支持降息，指出经济增长放缓；鲍威尔未就9月降息给指引，强调关税和通胀的不确定性，称就业市场 未走弱。 特朗普称美国将对印度施加25%关税及"惩罚"，指印方是俄罗斯能源大买家。特朗普宣布与韩国达成全面贸易协议，征收15%关税，韩国将向美 国提供3500亿美元投资，由美国拥有和控制。特朗普签署行政命令，将对巴西征收50%关税。 特朗普对进口半成品铜等征50%关税，但不含阴极铜和精炼铜，纽铜暴跌20%。 Meta业绩超预期、指引强劲，上调全年资本支出下限，盘后大涨12%。云力挺微软上季营收加速增长18%，Azure全财年收入增34%，AI支出新 高，盘后一度涨近8%。 微软全财年Azure营收超过750亿美元，增长34%。 Scale AI竞争对手Surge AI洽谈按250亿美元估值融资10亿美元。 德国政府通过2026财年预 ...

智通财经APP获悉，微软(MSFT.US)2025财年第四季度业绩超市场预期，营收达764.4亿美元(预期738.3 亿美元)，同比增长18%，创近三年最快增速;每股收益3.65美元(预期3.38美元)。净利润从上年同期的 220.4亿美元增至272.3亿美元。财报发布后，股价盘后大涨8%，市值逼近4.1万亿美元，成为继英伟达 后第二家触及4万亿美元市值的公司。 Azure 云计算业务在周三又迎来了一个业绩辉煌的季度，其营收远超华尔街预期，同时也展示了其在大 规模人工智能投资方面的丰厚回报。 展望未来，微软预计第一财季的营收将在 747 亿美元至 758 亿美元之间，中间值 752.5 亿美元超过了 740.9 亿美元的预期值。该公司预计第一财季的预期营业利润率高达 46.6%，高于 StreetAccount 调查 的分析师们所预测的 45.7%的水平。 分析指出，微软的表现极为出色，实现了强劲的双位数增长，其营收较此前的庞大基数增长了 18%， 这一增长主要得益于 Azure 业务营收的 39%大幅增长。运营杠杆效应使得利润率有所提升，这也是每 股收益较一年前增长超过 20%的原因。尽管过去一个季度的资本 ...

*三大股指分化，纳指涨0.15%； 【美联储按兵不动！美股盘中跳水，#微软跻身4万亿美元市值俱乐部#】 *美联储主席鲍威尔称，尚未决定9月会议结果； *美国二季度GDP增长3%。 周三美股涨跌互现， 美国二季度GDP好于预期，投资者关注美联储决议和大型科技股财报。截至收 盘，道指下跌0.38%，至44461.28点，纳指上涨0.15%，收于21129.67点，而标普500指数下跌0.12%，收 于6362.90点。 美联储公布利率决议，维持联邦基金利率不变，符合市场预期。美联储主席鲍威尔表示，9月是否降息 尚未作出决定，美联储需要确保关税因素不会从一次性的价格上涨变成真正的持续通胀问题。 微软二季度营收764.4亿美元，同比增长18%，市场预期738.9亿美元。每股收益（EPS）3.65美元，同比 增长24%，市场预期3.37美元。 ...

Core Insights - Microsoft reported Q4 FY2025 revenue of $76.4 billion, an 18% year-over-year increase, surpassing market expectations of $73.891 billion [1] - Net profit for the quarter was $27.2 billion, a 24% increase from the previous year, with earnings per share at $3.65 compared to $2.95 in the same quarter last year [1] Business Segment Performance - The Productivity and Business Processes segment generated $33.112 billion in revenue, up 16% year-over-year, with an operating profit of $18.993 billion, compared to $15.706 billion last year [2] - Microsoft 365 commercial products and cloud services revenue grew 16%, driven by an 18% increase in Microsoft 365 commercial cloud services [2] - Microsoft 365 consumer products and cloud services revenue increased by 21%, supported by a 20% rise in Microsoft 365 consumer cloud services [2] - LinkedIn revenue rose 9%, with an 8% increase when excluding currency fluctuations [2] - Dynamics products and cloud services revenue grew 18%, with a 23% increase in Dynamics 365 revenue [2] - The Intelligent Cloud segment reported revenue of $29.878 billion, a 26% increase year-over-year, with an operating profit of $12.14 billion, up from $9.835 billion last year [3] - Server products and cloud services revenue increased by 27%, driven by a 39% rise in Azure and other cloud services [3] - The More Personal Computing segment generated $13.451 billion in revenue, a 9% increase from the previous year, with an operating profit of $3.19 billion, compared to $2.384 billion last year [3] - Windows OEM and devices revenue grew by 3% [3] - Xbox content and services revenue increased by 13%, with a 12% increase when excluding currency fluctuations [3] - Search and news advertising revenue (excluding traffic acquisition costs) rose by 21%, with a 20% increase when excluding currency fluctuations [3] Expenditure Overview - Research and development expenses were $8.829 billion, up from $8.056 billion last year [3] - Sales and marketing expenses increased to $7.285 billion from $6.816 billion last year [3] - General and administrative expenses decreased to $1.990 billion from $2.246 billion last year [3]

Core Insights - Microsoft reported its highest quarterly revenue growth in a year and a half for Q2, with a revenue increase of 18% year-over-year, surpassing analyst expectations of 13% [5][12] - The company's earnings per share (EPS) grew by 24%, exceeding analyst predictions of 3.37 USD, reflecting strong performance driven by AI applications and cloud consumption [6][12] - Azure and other cloud services saw a remarkable revenue growth of 39%, marking the highest growth rate in two and a half years, with Azure's annual revenue exceeding 75 billion USD, up 34% [11][14] Financial Data - Q2 revenue reached 76.44 billion USD, a year-over-year increase of 18%, compared to 13% in the previous quarter [5][12] - Q2 diluted EPS was 3.65 USD, a 24% increase year-over-year, up from 17.7% in Q1 [6][12] - Operating profit for Q2 was 34.3 billion USD, reflecting a 23% year-over-year growth [7] - Net profit for Q2 was 27.2 billion USD, also up 24% year-over-year [8] Segment Performance - Commercial cloud revenue, including Office and Azure, was 46.7 billion USD, a 27% increase year-over-year [9] - Intelligent cloud revenue, which includes Azure, was 29.9 billion USD, growing 26% year-over-year [9] - Productivity and business processes revenue, including Microsoft 365 Copilot AI tools, reached 33.1 billion USD, up 16% year-over-year [10] - More personal computing revenue, including Windows and Xbox, was 13.5 billion USD, a 9% increase year-over-year [10] Capital Expenditure - Q2 capital expenditures reached a record 24.2 billion USD, a 27% increase year-over-year, reversing a decline from the previous quarter [8][14] - The capital expenditure growth of 13% in Q2 indicates a strong investment in AI and cloud infrastructure, alleviating concerns about a slowdown in spending [14]