Microsoft(US:MSFT) 贝塔投资智库·2025-07-31 04:05Core Viewpoint - Microsoft reported strong Q4 FY2025 earnings, exceeding market expectations with revenue of $76.44 billion, a year-over-year growth of 18%, and earnings per share of $3.65, leading to an after-hours stock price surge of 8% [1][2][3] Financial Performance - Q4 revenue reached $76.44 billion, surpassing the expected $73.83 billion, with a net profit increase from $22.04 billion to $27.23 billion [1] - The company anticipates Q1 FY2026 revenue between $74.7 billion and $75.8 billion, with an expected operating margin of 46.6%, higher than the analyst forecast of 45.7% [2][3] - The strong performance is attributed to a 39% increase in Azure revenue, contributing to a double-digit growth despite a high revenue base [3][5] Cloud Business - The Intelligent Cloud segment, including Azure, reported Q4 revenue growth of 26% to $29.9 billion, exceeding the expected $28.9 billion [4] - Azure's Q4 revenue grew by 39%, driven by AI service demand, with annual revenue surpassing $75 billion, a 34% year-over-year increase [5][7] - Although Azure's scale is still behind Amazon's AWS, its growth rate of 34% outpaces AWS's approximately 20%, highlighting Microsoft's competitive edge in AI integration [7] AI Investments - Microsoft’s AI investments, including stakes in OpenAI and NVIDIA chips, have yielded significant returns, with the Microsoft 365 Copilot achieving 100 million monthly active users [8] - The company is working to reduce dependency on OpenAI by collaborating with other firms, amid concerns over renegotiated partnership terms [8] Capital Expenditure - Q4 capital expenditures reached $24.2 billion, a 27% year-over-year increase, with expectations for Q1 FY2026 expenditures to exceed $30 billion [10][11] - The anticipated annual capital expenditure could surpass $120 billion, indicating a growth rate exceeding 36% [10] Other Business Segments - The Personal Computing segment, including Windows and gaming, saw a 9% revenue increase to $13.45 billion, with device sales growing by 3% [12] - Microsoft celebrated its 50th anniversary in Q4, announcing layoffs of over 6,000 employees and new leadership roles within the company [13]