Financial Data and Key Metrics Changes - Microsoft reported revenue of $77.7 billion, an increase of 18% year over year, and 17% in constant currency [21] - Gross margin dollars increased by 18%, while operating income rose by 24% [21][22] - Earnings per share reached $4.13, up 23% year over year [22] - Operating expenses increased by 5%, driven by investments in cloud and AI engineering [22][23] - Cash flow from operations was $45.1 billion, up 32% [24] Business Line Data and Key Metrics Changes - Microsoft Cloud revenue was $49.1 billion, growing 26% year over year [25] - Productivity and Business Processes revenue was $33 billion, growing 17% [26] - Dynamics 365 revenue increased by 18% [27] - Intelligent Cloud segment revenue was $30.9 billion, growing 28% [28] - More Personal Computing revenue was $13.8 billion, growing 4% [29] Market Data and Key Metrics Changes - Commercial bookings increased by 112%, significantly ahead of expectations [24] - Commercial remaining performance obligation (RPO) increased to $392 billion, up 51% year over year [25] - Microsoft Cloud gross margin percentage was slightly better than expected at 68% [25] Company Strategy and Development Direction - The company is focusing on building a planet-scale cloud and AI factory, maximizing efficiency and capacity [5][7] - Investments in AI and cloud infrastructure are prioritized to meet growing demand [19][21] - The partnership with OpenAI is seen as a significant milestone, enhancing Microsoft's AI capabilities [6][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for AI and cloud services, indicating that demand signals are accelerating [36] - The company expects revenue growth of 14% to 16% for Q2, with a focus on maintaining operational efficiency [30][31] - Management highlighted the importance of creating real-world value through AI solutions [46][48] Other Important Information - The company is increasing its capital expenditures to support growing demand for cloud and AI offerings, with total CapEx at $34.9 billion [23] - The company has a comprehensive digital sovereignty platform, with Azure customers in 33 countries [8] Q&A Session Summary Question: Concerns about stock performance despite strong results - Management acknowledged the strong commercial bookings growth but noted that market perception may not fully reflect the company's performance [38][40] Question: Concentration risk in large contracts - Management reassured that the RPO covers numerous products and customers of all sizes, indicating a broad base of demand [45][46] Question: Confidence in monetizing investments in AI - Management expressed high confidence in the ability to monetize AI investments, citing strong demand signals and a growing book of business [52][55] Question: Clarification on OpenAI investment losses - Management clarified that the increased loss in other income was due to OpenAI's losses under the debt equity method, with no impact from the new agreement [64] Question: Evaluating large contractual commitments from AI natives - Management emphasized the importance of building a fungible asset base and maintaining a balanced customer portfolio to mitigate concentration risk [67][69]

微软预计第二财季营收将为795亿-806亿美元。 来源：滚动播报 ...

Core Insights - Microsoft reported quarterly earnings of $4.13 per share, exceeding the Zacks Consensus Estimate of $3.65 per share, and showing an increase from $3.3 per share a year ago, resulting in an earnings surprise of +13.15% [1] - The company achieved revenues of $77.67 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.62% and up from $65.59 billion year-over-year [2] - Microsoft shares have increased approximately 28.6% year-to-date, outperforming the S&P 500's gain of 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $3.78, with projected revenues of $79.73 billion, and for the current fiscal year, the EPS estimate is $15.40 on revenues of $321.25 billion [7] - The estimate revisions trend for Microsoft was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Computer - Software industry, to which Microsoft belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Intuit, another company in the same industry, is expected to report quarterly earnings of $3.10 per share, reflecting a year-over-year change of +24%, with revenues anticipated to be $3.76 billion, up 14.6% from the previous year [9]

Financial Performance - Microsoft's Q1 revenue reached $77.67 billion, exceeding the street's expectation of approximately $75.55 billion [1] - Q1 Azure and other cloud revenue experienced a growth of 39% [1][5] - Intelligent cloud overall revenue for Q1 was $30.9 billion, surpassing the street's estimate of $30.18 billion [1] - First quarter capital expenditures, including leases, amounted to $34.9 billion, an increase from $24 billion in the previous quarter [8] Market Dynamics and Investment - Analysts cited stronger enterprise tone and accelerating AI infrastructure demand from partners like OpenAI [4] - Microsoft holds a 27% stake in OpenAI's new for-profit public benefit corporation, valued at roughly $135 billion [4][16] - The market is described as fickle, with Microsoft's stock potentially reacting to expectations not being fully met despite strong performance [9][10] - AI contribution to Azure's growth is estimated to be in the low to mid-teens as a percentage of the total Azure business [13] Future Outlook and Guidance - Investors are awaiting forward-looking guidance from CFO Amy Hood on the earnings call [6][7] - AI is expected to be a bigger contributor to Azure's growth, with workloads shifting from training to inferencing and reasoning [15] - Microsoft having rights to AGI even post AGI until 2032 and research rights until 2030 or AGI whichever comes first [17]

Core Insights - Microsoft reported Q1 earnings with revenue of $77.67 billion, exceeding street expectations of $75.55 billion, while Azure's revenue grew by 39% [1][5][11] - Despite strong performance in cloud services, shares fell approximately 4% post-earnings, indicating market volatility and potential investor disappointment [2][3][6] - The company is expected to provide forward-looking guidance during the earnings call, which is crucial for investor sentiment [6][7] Financial Performance - Q1 intelligent cloud revenue reached $30.9 billion, surpassing the expected $30.18 billion [1] - Capital expenditures for Q1 were reported at $34.9 billion, up from $24 billion in the previous quarter, indicating increased investment in infrastructure [8] - Azure's constant currency growth of 39% was noted as a strong performance, although some investors had anticipated a 40% growth [10][11] AI and Strategic Partnerships - Microsoft holds a 27% stake in OpenAI's new for-profit public benefit corporation, valued at approximately $135 billion, which is expected to enhance its AI capabilities [4][16] - The AI contribution to Azure's growth is estimated to be in the low to mid-teens percentage-wise, with the potential for further growth as workloads shift from training to inferencing [12][15] - The partnership with OpenAI is seen as mutually beneficial, with Microsoft needing OpenAI for its AI advancements and OpenAI benefiting from Microsoft's resources [17][18]

10月30日，周三（10月29日），美股三大指数涨跌不一，道指标普高位回落，纳指再创历史新高。 截至收盘，道琼斯指数跌0.16%，报47632点；标普500指数跌0.3点，报6890.59点；盘中两只指数一度刷新高，但在美联储主席鲍威尔讲话后 明显回落。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 道現斯指数 | 47632.00 | | -74.37 -0.16% | | 标普500指数 | 6890.59 | -0.30 | -0.00% | | 纳斯达克综合指数 | ○ 23958.47 | +130.98 | 0.55% | 纳斯达克综合指数涨0.55%，报23958.47点，刷新了周二录得的收盘历史纪录，这也是该指数连续第四个交易日收于新高，盘中甚至一度涨 破24000关口。 北京时间周四凌晨02:00，美联储宣布将联邦基金利率目标区间下调25个基点到3.75%至4.00%之间，符合市场普遍预期，是该行年内第二次 降息。 但鲍威尔在新闻发布会上称，央行内部对于12月如何行动的看法存在很大分歧。他强调，12月降息"远未成定局"——这一表态重 ...

The Redmond, Wash.-based company earned an adjusted $4.13 a share on sales of $77.67 billion in the quarter ended Sept. 30. Analysts polled by FactSet had expected Microsoft to earn $3.67 a share on sales of $75.38 billion. On a year-over-year basis, Microsoft earnings rose 23% while sales increased 18%. The company's adjusted earnings exclude the impact of investments in OpenAI. Under generally accepted accounting principles, which include OpenAI, Microsoft earned $3.72 a share, up 13%, in fiscal Q1. BREAK ...

Core Insights - Microsoft reported a record revenue of $77.7 billion for the first quarter of its fiscal year, exceeding Wall Street expectations, with an 18% year-over-year growth [2][10] - The company highlighted a significant investment of $34.9 billion in infrastructure to meet the growing demand for AI and cloud services [4][12] - Despite strong revenue growth, Microsoft's stock fell over 3% in after-hours trading due to concerns about supply limitations in AI and cloud computing resources [2][11] Financial Performance - Revenue for the first quarter reached $77.7 billion, with operating income increasing by 24% to $38.0 billion [10] - Microsoft Cloud revenue was $49.1 billion, growing 26% year-over-year, driven by strong demand [11][12] - Commercial remaining performance obligation (RPO) grew over 50% to $392 billion, nearly doubling over the past two years [12] Investment and Infrastructure - The company invested a record $34.9 billion in capital expenditures on computing resources, including GPUs, CPUs, and datacenter infrastructure [4][12] - Microsoft plans to spend $30 billion in capital expenditures in the first quarter to expand capacity [4] Strategic Partnerships - Microsoft signed a new deal with OpenAI, acquiring a 27% stake in OpenAI's for-profit business, valued at approximately $135 billion [5][11] - The partnership with OpenAI is described as a game-changing development for the industry, although it had no impact on the current quarter's results as the deal was signed after the quarter ended [6][11] Product and Service Highlights - Azure and other cloud services revenue grew 39% in constant currency, indicating strong customer adoption of Microsoft's full stack of cloud infrastructure and AI solutions [12] - Microsoft 365 commercial cloud revenue increased by 17%, reflecting growth in average revenue per user (ARPU) and a 6% increase in subscriptions [12] - Consumer cloud revenue for Microsoft 365 rose by 26%, with subscriptions exceeding 90 million [12] Market Position and Outlook - The company is focused on capturing the accelerating demand for AI and cloud services, with plans to bring new products to market and expand capacity rapidly [5][15] - The earnings call is anticipated to provide further insights into the company's performance and future outlook [13]

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top and bottom line estimates. The conference call kicks off later to this hour. For more, let's bring in CNBC's Steve Kovac.Steve, >> yeah, on the surface here, you got beats across the board, Melissa, but you see the stock still down. EPS was a beat, revenue was a beat, and even Azure cloud growth was a big beat here, 40% compared to the 38.2% expected. But it's really unclear what's dragging the stock lower.Intelligent Cloud only beat by a tiny bit. Perhaps also a runup of the shares into earnings. They ...