Zheng Quan Shi Bao Wang·2025-10-30 00:39Core Insights - Microsoft reported an 18% year-over-year revenue growth for Q3, remaining flat compared to the previous quarter [1] - Diluted earnings per share (EPS) increased by 13% year-over-year, slightly exceeding analyst expectations, but the growth rate has slowed compared to the previous quarter [1] - Azure and other cloud services revenue grew by 39%, consistent with the previous quarter, but fell short of some buyers' expectations of slightly above 40% [1] Financial Performance - Total capital expenditures for Microsoft reached $34.9 billion, representing a year-over-year increase of over 74% and a quarter-over-quarter increase of over 60%, marking a new high that significantly surpassed analyst expectations [1] - The majority of capital expenditures were directed towards AI-related investments, particularly in data centers [1] Demand and Capacity - The CFO indicated that demand for Azure services "far exceeds our current available capacity," suggesting that the company has not been able to fully meet demand [1] - Spending is expected to continue increasing in the upcoming quarter to address this demand [1]