Di Yi Cai Jing·2025-10-30 01:04Core Insights - Microsoft reported a return of approximately 10 times on its investment in OpenAI [9] - The company's market capitalization reached $4 trillion, despite a nearly 4% drop in stock price after earnings release [1] Financial Performance - For the first quarter of fiscal year 2026, Microsoft reported revenue of $77.7 billion, an 18% year-over-year increase [2] - Net profit for the same period was $27.7 billion, reflecting a 12% year-over-year growth [2] - The gross margin for the first quarter was 69%, showing a decline attributed to investments in artificial intelligence [3] Capital Expenditure - Microsoft’s capital expenditure reached a record $34.9 billion, exceeding previous expectations of over $30 billion [3] - Approximately half of the capital expenditure was allocated to short-term assets, primarily for GPU and CPU procurement to support Azure platform demand and AI solutions [3] - The remaining expenditure was directed towards long-term assets, including $11.1 billion in financing leases for large data centers [3] Business Segment Performance - The Intelligent Cloud segment generated $30.9 billion in revenue, a 28% year-over-year increase, with Azure and other cloud services revenue growing by 40% [4] - The More Personal Computing segment reported revenue of $13.8 billion, up 4%, with Windows OEM and device revenue increasing by 6% [5] - The Productivity and Business Processes segment achieved revenue of $33 billion, a 17% year-over-year increase, with LinkedIn revenue growing by 10% [6] Investment in OpenAI - Microsoft disclosed a $3.1 billion reduction in net profit due to losses from its investment in OpenAI during the first quarter of fiscal year 2026 [7] - A new agreement was signed with OpenAI, which includes a purchase of $250 billion worth of Azure services [9] Workforce and Legal Issues - Microsoft has undergone multiple rounds of layoffs this year, including 6,000 in May and 9,000 in July, affecting nearly 4% of its total workforce [9] - The Australian Competition and Consumer Commission (ACCC) has filed a lawsuit against Microsoft, alleging misleading practices related to the bundling of Microsoft 365 software with AI tools [9]