单季狂赚385亿美元，依然难挡华尔街对微软的焦虑。 因为云业务增速赶不上前所未有的烧钱速度，市场恐慌正在加剧。 周四，微软股价在法兰克福市场下跌6%，美股盘前也大跌超6%，报451.33美元。 净利飙升60% 财报显示，微软2026财年第二季度营收和利润均超出华尔街预期。 其中，营收813亿美元，同比增长17%，高于预期的803.1亿美元。 营业利润为383亿美元，同比增长21%，同样高于预期。 按GAAP口径计算，净利润飙升60%至385亿美元。稀释后每股收益为5.16美元，同比增长60%，高于预 期的3.92美元。 | (In百万关元,细般含额除外)(朱经富计) | | | 止三个月 | | | 止六个月 | | --- | --- | --- | --- | --- | --- | --- | | | | | 12月31日, | | | 12月31日, | | | | 2025 | 2024 | | 2025 | 2024 | | 收入: | | | | | | | | 产品 | રે | 16,451 $ | 16,219 | $ | 32,373 $ | 31,491 | | 服务等 | | 64, ...

格隆汇1月29日｜加拿大丰业银行：将微软(MSFT.US)目标价从650美元下调至600美元。 ...

Group 1: Global Gold Demand and Market Trends - In 2025, global gold demand is projected to reach 5002 tons, marking a historical high driven by geopolitical tensions and economic uncertainties, with total demand value reaching $555 billion in the previous year [1] - On January 29, international gold prices surged, with COMEX gold reaching $5626.8 per ounce and domestic gold jewelry prices exceeding 1700 yuan per gram, reflecting a significant daily increase [1] - The high gold prices have led to a booming gold recycling market, but also to consumer risks due to inflated quotes and other malpractices in the recycling process [1] Group 2: Banking and Financial Services - By December 2025, the wealth management scale of 11 national banks reached 13.46 trillion yuan, showing a 10% increase from the beginning of the year, despite a slight decline from November [2] - The growth in wealth management is attributed to a "deposit migration" trend, with Postal Savings Bank notably rising in ranking among the banks [2] Group 3: Technology and Manufacturing - The global AMOLED smartphone panel market is expected to see a shipment of approximately 920 million units in 2025, reflecting a 4.7% year-on-year growth, driven by demand for high-end smartphones [2] - The television industry is facing challenges due to rising costs in memory, panels, and precious metals, leading to a downward adjustment in expected global shipments for 2026 [2] Group 4: Corporate Developments - Tencent has had 499 million yuan worth of shares frozen due to legal proceedings involving Linzhi Tencent Technology Co., Ltd [6] - Suzhou Lianxun Instrument Co., Ltd has received approval from the China Securities Regulatory Commission for its IPO application on the Sci-Tech Innovation Board [7] - Runxin Micro Technology has completed nearly 400 million yuan in B+ round financing, aimed at enhancing its core technology capabilities [9] Group 5: Earnings Forecasts - Bai'ao Saitou expects a net profit of 162 million to 182 million yuan in 2025, representing a year-on-year increase of 384% to 444% [13] - Nanjing Mobi expects a net profit of 24 million to 34 million yuan in 2025, indicating a growth of 269.49% to 423.44% [14] - Jinko Power anticipates a net profit of 155 million to 195 million yuan in 2025, reflecting a growth of 383.21% to 507.9% [15]

Core Viewpoint - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion for Q2, with operating profit increasing by 21% to $38.3 billion, both exceeding expectations [1] Group 1: Financial Performance - Revenue for the second fiscal quarter reached $81.3 billion, reflecting a 17% increase compared to the previous year [1] - Operating profit rose to $38.3 billion, marking a 21% year-over-year growth [1] Group 2: Azure Cloud Business - Azure cloud computing revenue grew by 38% year-over-year, aligning with analyst expectations, but showed a 1 percentage point slowdown compared to the previous quarter [1] Group 3: Capital Expenditure - Capital expenditures surged by 66% year-over-year, reaching a record $37.5 billion, raising concerns about the sustainability and profitability of AI demand [1]

Core Insights - Microsoft reported strong financial results for Q2 of FY2026, with revenue of $81.3 billion, a 17% year-over-year increase, and net income of $38.5 billion, reflecting a 60% increase [2] - The cloud business revenue surpassed $50 billion, indicating robust demand for Microsoft's service offerings [2][4] - Despite exceeding expectations, Microsoft's stock price fell approximately 7% post-earnings release [2] Financial Performance - Revenue: $81.3 billion, up 17% year-over-year [2] - Operating Income: $38.3 billion, up 21% year-over-year [2] - GAAP Net Income: $38.5 billion, up 60% year-over-year [2] - Non-GAAP Net Income: $30.9 billion, up 23% year-over-year [2] - Earnings per Share: $5.16, with $1.02 attributed to OpenAI-related earnings [6] Cloud Business Insights - Cloud revenue reached $51.5 billion, a 26% year-over-year increase, with Azure and other cloud services growing by 39% [4][6] - The backlog of cloud contracts doubled year-over-year to $625 billion, with 45% of this attributed to OpenAI [7] - The growth rate of cloud business has slightly slowed, down about 1% from the previous quarter [4] AI and OpenAI Impact - Microsoft's performance is significantly influenced by its partnership with OpenAI, with $7.6 billion of net income derived from OpenAI-related earnings [6] - The company is integrating AI tools powered by OpenAI into its products, aiming to enhance productivity software and cloud service sales [6] - The future sales potential is bolstered by a new $250 billion agreement with OpenAI, reflecting a strong reliance on AI for growth [7]

据追风交易台，摩根大通分析师Harlan Sur解读微软与Meta最新财报指出，AI基础设施的支出强度已明 确进入新一轮扩张周期。 这表明，在基础模型、AI代理及商业化应用加速部署的推动下，算力需求持续超越供给能力，驱动云 计算与超大规模企业持续加大投入。摩根大通认为，当前供需格局下，主要科技企业的资本支出仍具上 调空间，投资将重点集中于数据中心、服务器及网络基础设施，进而带动相关半导体产业链业绩。该投 资趋势预计将延续至2027年。 供应极限成为常态：需求缺口将持续 供应紧张已成为当前人工智能基础设施建设的核心瓶颈。微软与Meta在最新财报会议中均指出，算力 需求持续超越供应能力。 供需失衡的结构性原因在于基础模型、AI代理及商业化应用的加速部署，推动计算强度呈现指数级增 长。Meta透露，其用于训练生成式广告模型的GPU集群规模已实现翻倍，并正进一步扩展以支持2026 年新一代GEM模型的训练。 这种持续的供应紧缺态势，预计将继续支撑数据中心、服务器及网络基础设施在2026年至2027年间保持 高强度投资。 定制芯片开发成为战略重点 两家科技巨头在最新财报中均表示，AI算力供应紧张态势贯穿2026年。两家 ...

| | | Three Months Ended | | Six Months Ended | | --- | --- | --- | --- | --- | | | | December 31, | | December 31, | | | 2025 | 2024 | 2025 | 2024 | | Revenue: | | | | | | Product | $16,451 | $16,219 | $32,373 | $31,491 | | Service and other | 64,822 | 53,413 | 126,573 | 103,726 | | Total revenue | 81,273 | 69,632 | 158,946 | 135,217 | | Cost of revenue: | | | | | | Product | 3,505 | 3,856 | 6,427 | 7,150 | | Service and other | 22,473 | 17,943 | 43,594 | 34,748 | | Total cost of revenue | 25,978 | 21,799 ...

当地时间 1 月 28 日，微软发布了第二季度财报，明明财报营收暴涨，但是市场并不买账。 财报显示，公司第二季度营收 813 亿美元，同比增长 17%，净利润更是飙升 60% 至 385 亿美元。 其中，微软云业务收入首次突破 500 亿美元大关，达到 515 亿美元，同比增长 26%。 这无疑是一份强劲的财报。然而，市场的反应却是股价在盘后一度下挫超过 8%。 CNBC 分析指出，下跌源于「云增长放缓以及微弱的利润率指引」。具体来看，被视为增长引擎的 Azure 云服务收入同比增长 39%，略低于市场预期的 40% 门槛。 投资者似乎对这家「AI 最大赢家」抱有永不满足的期待，任何增长放缓的迹象都会被放大。 但财报中一个更值得玩味的数据是：微软云的合同积压（Remaining Performance Obligation）暴增 110%，达到惊人的 6250 亿美元。 据 The Information 报道，其中约 45%（约 2812 亿美元）是与 OpenAI 的交易驱动的。这意味着，微软未来收入的很大一部分，已经和 OpenAI 的发展深 度捆绑。 01 深度绑定的「共生」与「风险」 微软与 Ope ...

格隆汇1月29日｜微软公布财报后，其在法兰克福上市的股票下跌6%。 ...

Core Insights - Microsoft reported a strong overall performance for Q4 of fiscal year 2025, with total revenue increasing by 17% year-over-year to $81.3 billion, driven primarily by robust growth in cloud computing and other high-margin businesses [1][3] Group 1: Business Segment Performance - The "Productivity and Business Processes" segment, which includes products like Word, Excel, and PowerPoint, generated $34.1 billion in revenue, reflecting a 16% year-over-year increase, continuing to provide stable income for the company [3] - The "Intelligent Cloud" segment, powered by Azure services, showed significant growth with revenue reaching $32.9 billion, marking a 29% year-over-year increase, highlighting the effectiveness of Microsoft's strategic shift towards cloud computing [3] - In contrast, the gaming segment faced challenges, with Xbox hardware revenue declining by 32% year-over-year, leading to an overall revenue drop of 9% for the Xbox division, although subscription services like Game Pass remained a stable growth point [3] Group 2: Strategic Focus - With the continuous decline in Xbox business performance, its priority within Microsoft's overall strategy is decreasing, as the company shifts its focus towards high-value areas such as Azure cloud services and Microsoft 365 commercial subscriptions [4]