Microsoft(US:MSFT) 美股IPO·2025-10-29 22:58Core Viewpoint - Microsoft reported an 18% year-over-year revenue growth in Q3, maintaining the highest growth rate in a year and a half, while EPS growth slowed to 13%, still exceeding analyst expectations [1][5][6]. Financial Performance - Revenue: Q3 revenue reached $77.67 billion, a year-over-year increase of approximately 18%, surpassing analyst expectations of $75.55 billion [5]. - EPS: The diluted EPS for Q3 was $3.72, reflecting a 13% year-over-year growth, which is higher than the expected $3.68 [6]. - Operating Income: Operating income for Q3 was $37.96 billion, up about 24% year-over-year, exceeding the expected $35.1 billion [7][13]. - Net Income: Q3 net income was $27.75 billion, a 12% increase year-over-year, compared to a 24% increase in the previous quarter [8]. Capital Expenditure - Capital Expenditure: Total capital expenditure in Q3 was $34.9 billion, a 74.5% year-over-year increase, exceeding the expected $30.06 billion [8][16]. - The cash expenditure related to real estate and equipment was $19.39 billion, up 30.2% year-over-year [8]. Business Segments - Commercial Cloud: Revenue from commercial cloud services, including Office and Azure, was $49.1 billion, a year-over-year increase of approximately 26%, surpassing expectations [8]. - Intelligent Cloud: Revenue from the intelligent cloud segment, which includes Azure, was $30.9 billion, up about 28% year-over-year, exceeding analyst expectations [8][14]. - Productivity and Business Processes: This segment, which includes Microsoft 365 Copilot AI tools, generated $33.02 billion in revenue, a 17% year-over-year increase [9]. - More Personal Computing: Revenue from this segment, including Windows, Surface, and Xbox, was $13.8 billion, reflecting a 4% year-over-year growth [9]. AI and Investment - AI Impact: Microsoft's investment in OpenAI had a significant impact on net income, contributing approximately $3.086 billion in Q3, compared to $523 million a year earlier [18][20]. - Strategic Partnership: Microsoft announced a significant agreement with OpenAI, securing a 27% stake in the restructured organization and extending IP licensing until 2032, which is expected to generate stable long-term revenue [20][21]. Market Reaction - Stock Performance: Following the earnings report, Microsoft's stock experienced a decline, initially dropping over 4% in after-hours trading before stabilizing [3][4].