Microsoft(US:MSFT) 财富FORTUNE·2026-02-04 13:05Core Viewpoint - Microsoft's cloud business revenue has surpassed $50 billion for the first time, driven by OpenAI, but concerns over slowing Azure growth and capacity constraints have led to a nearly 5% drop in stock price after the earnings report [1][6]. Financial Performance - In Q2, Microsoft reported total revenue of $81.3 billion, a 17% increase from $69.6 billion year-over-year, exceeding the guidance of $79.5 billion to $80.6 billion [6]. - Operating income rose by 21% to $38.3 billion, and diluted earnings per share increased by 24% to $4.14 [6]. - Capital expenditures reached $37.5 billion in Q2, totaling $72.4 billion for the first half of the fiscal year, indicating significant investment in infrastructure [2][5]. Azure Business Insights - Azure's revenue growth slowed from 40% in Q1 to 39% in Q2, raising concerns about the company's ability to meet AI demand due to capacity limitations [4][6]. - The backlog of remaining performance obligations grew by 110% year-over-year to $625 billion, partly due to a $250 billion partnership with OpenAI [7]. Investor Concerns - Investors are worried about the high capital expenditure relative to Azure's revenue growth, questioning the long-term return on these investments [2][5]. - Microsoft's CFO, Amy Hood, emphasized that capital expenditures should not be directly linked to Azure's revenue performance, suggesting a focus on long-term investments in R&D and product innovation [5][6]. Strategic Focus - Microsoft aims to expand its customer base for Azure while also prioritizing the growth of AI-driven products like Microsoft 365 Copilot and GitHub Copilot [6]. - The company is committed to optimizing resources to support long-term growth, viewing capacity investments as part of R&D spending [6].