美股科技股观察|24Q3业绩跟踪：微软：业绩略提速，AI推动Azure高增、M365客单价增长，指引保守

Investment Rating - The report does not explicitly state an investment rating for the software and services industry Core Insights - The report highlights a slight acceleration in revenue growth, with FY25Q1 revenue reaching $65.585 billion, a year-over-year increase of 16.1% [13] - The gross margin is under pressure, with a slight decline in the gross margin rate to 69.4% [14] - Capital expenditures increased significantly, reaching $20 billion, a year-over-year increase of 78.6% [15] Summary by Sections 1. Revenue Acceleration, Margin Pressure, and Capital Expenditure Growth - FY25Q1 revenue was $65.585 billion, up 16.1% year-over-year, exceeding previous guidance [13] - Operating profit was $30.552 billion, a 13.6% increase year-over-year, with an operating margin of 46.58% [13] - Capital expenditures reached $20 billion, reflecting a 78.6% year-over-year increase [15] 2. Azure Maintains High Growth, M365 Business Cloud Grows Rapidly, Windows Steady - Intelligent cloud revenue was $24.1 billion, up 20.4% year-over-year, with Azure and other cloud services revenue growing 33% [26][27] - M365 business cloud revenue grew 15% year-over-year, driven by increased subscriptions and average revenue per user (ARPU) [34] - Windows and devices revenue was $4.33 billion, showing a slight decline of 0.3% year-over-year [21] 3. AI Applications Continue to Deepen, Copilot Application Scenarios Diversify - AI-driven revenue is projected to reach $10 billion annually, marking the fastest growth in the company's history [46] - GitHub Copilot's enterprise customer base grew by 55% quarter-over-quarter, indicating strong adoption [46] - M365 Copilot's penetration rate has increased significantly, with nearly 70% of Fortune 500 companies using it [47] 4. Conservative Guidance and Continued Capital Expenditure Growth - The company maintains a conservative outlook for future quarters, with expectations for continued capital expenditure growth [15] 5. Earnings Consensus Expectations and Valuation - According to Bloomberg consensus data, net profits for FY25 and FY26 are projected at $98.473 billion and $113.322 billion, respectively, with year-over-year growth rates of 11.7% and 15.1% [4]