美股科技股观察|24Q4业绩跟踪：微软：收入放缓，Azure AI高增，M365增长回升，指引业绩具韧性

Investment Rating - The report does not explicitly state an investment rating for the software and services industry or the specific company analyzed Core Insights - FY25Q2 revenue growth slowed to +12.3% YoY, with net profit increasing by +12.8% YoY, while gross margin slightly improved. Capital expenditures surged to $22.6 billion, a YoY increase of +96.5% [1][8][12] - Azure's growth rate has slowed, but AI contributions are expanding, with Azure AI services contributing approximately 13 percentage points to revenue growth. Non-AI services performed slightly below expectations [1][41][42] - M365 and Dynamics showed robust growth, with M365 commercial cloud revenue increasing by +16% YoY. Windows revenue remained stable, while gaming revenue declined by -7% YoY [1][50][68] - AI annualized revenue exceeded $13 billion, reflecting a +175% YoY increase, with significant growth in AI applications and tools [1][73][74] - The company maintains a resilient performance outlook, expecting FY25Q3 total revenue between $67.7 billion and $68.7 billion, representing a YoY growth of 9% to 11% [1][82][85] Summary by Sections 1. Revenue Growth and Capital Expenditure - FY25Q2 revenue reached $69.632 billion, with a YoY growth of +12.3%. Operating profit was $31.653 billion, with a margin of 45.46% [8][9] - Capital expenditures for FY25Q2 were $22.6 billion, reflecting a significant increase due to investments in cloud and AI infrastructure [12][12] 2. Azure AI and Other Segments - Intelligent cloud revenue was $25.5 billion, growing by +18.7% YoY, while Azure AI services contributed significantly to this growth [22][41] - M365 and Dynamics revenues were $29.4 billion and $1.91 billion respectively, with M365 commercial cloud revenue growing by +16% YoY [50][55] 3. AI Revenue and Applications - AI business annualized revenue surpassed $13 billion, with a notable increase in the adoption of AI tools and applications [73][74] - GitHub Copilot and M365 Copilot saw substantial user growth, indicating a shift towards practical AI applications in business [74][75] 4. Performance Guidance - The company expects FY25Q3 revenue to be between $67.7 billion and $68.7 billion, with growth driven by Azure and M365 [82][85]