【中泰电子】AI全视角—科技大厂财报专题：微软FY24Q4业绩解读—AI驱动营收创历史新高，展望下季度资本开支环比增加

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed [1]. Core Insights - Microsoft achieved a record revenue of $64.7 billion in FY24Q4, representing a year-over-year increase of 15.2% and a quarter-over-quarter increase of 4.7% [2][9] - The net profit for the same quarter was $22 billion, with a year-over-year growth of 9.6% and a quarter-over-quarter growth of 0.3% [2][13] - Operating cash flow reached $37.2 billion, up 29.3% year-over-year, while free cash flow was $23.2 billion, reflecting a 17.1% increase year-over-year [2][15] - Microsoft Cloud revenue was $36.8 billion, showing a year-over-year growth of 21.5% [2][21] - Capital expenditures for FY24Q4 were $19 billion, a significant increase of 77.6% year-over-year, with total capital expenditures for FY2024 reaching $55.7 billion [2][17] Summary by Sections 1. Performance & Capital Expenditure - Microsoft reported a record revenue of $64.7 billion in FY24Q4, exceeding previous guidance [5][9] - The company’s capital expenditure is projected to continue increasing in the next quarter [17][33] 2. Business Segment Analysis - Intelligent Cloud: Revenue reached $28.52 billion, up 18.9% year-over-year, primarily driven by Azure growth [21][24] - Personal Computing: Revenue was $15.9 billion, reflecting a 14.3% year-over-year increase, largely due to the acquisition of Activision Blizzard [24][26] - Productivity and Business Processes: Revenue totaled $20.32 billion, with an 11.1% year-over-year increase, mainly driven by Office 365 [27][29] 3. FY25Q1 Guidance - Microsoft expects revenue to be between $63.8 billion and $64.8 billion, indicating a year-over-year growth of 13.8% [3][32] - Each business segment is projected to show year-over-year growth, with Intelligent Cloud expected to grow by 18% to 20% [32][34]