财报显示，微软季度营收和利润均超预期，总营收增长13%，达701亿美元，调整后每股收益3.46美元。Azure云业务收 入增长33%，超出预期，部分得益于OpenAI达成的新一项云服务承诺。微软第三财季包括租赁在内的资本支出两年多以 来首次低于上一季度。盘后的大涨令微软年初至今股价涨幅为正。 硬·AI 作者 | 何 浩 编辑 | 硬 AI 点击 上方 硬AI 关注我们 周三美股盘后，微软公司公布的销售和利润超出预期，云部门扩张助力，显示出客户需求未受到关税和更 广泛经济不确定性的影响。 Synovus Trust高级投资组合经理Dan Morgan点评微软的这份财报称，作为一家大型软件公司，微软"没 有像其他科技企业那样受太多影响"，并且"在所有主要指标上均超预期"。 微软股价周三收盘报395.26美元，盘后交易中一度上涨超9%。截至周三收盘，受更广泛市场抛售影响， 该公司股价今年迄今已下跌约6%，考虑到盘后的大涨，微软年初至今股价涨幅已转正。 (1) 主要财务数据 云相关： 第三财季云营收424亿美元，分析师预期422.2亿美元。 包括Azure云服务在内的"智能云"部门营收为267.5亿美元，增长约21% ...

Core Insights - Microsoft reported better-than-expected sales and profits, driven by cloud expansion, indicating strong customer demand despite economic uncertainties [2] - The company's stock rose approximately 6% in after-hours trading following the earnings report, although it has declined about 6% year-to-date due to broader market sell-offs [2] Financial Performance - Revenue for Q3 reached $70.07 billion, a 13% year-over-year increase, surpassing the expected $68.48 billion [4] - Adjusted earnings per share were $3.46, exceeding analyst expectations of $3.21 and up from $2.94 in the same quarter last year [4] - Net income grew 18% year-over-year from $21.9 billion to $25.8 billion [4] Segment Performance - Cloud revenue for Q3 was $42.4 billion, slightly above the expected $42.22 billion [5] - The "Intelligent Cloud" segment, including Azure, generated $26.75 billion, a 21% increase, exceeding the forecast of $26.16 billion [5] - Azure and other cloud revenue (excluding currency effects) grew 33%, surpassing the Wall Street expectation of 29% [6] AI Contribution - Azure's growth contributed 16 percentage points to the AI business, slightly above the analyst expectation of 15.6 percentage points [6] Productivity and Business Processes - The "Productivity and Business Processes" segment, which includes Office subscriptions and LinkedIn, achieved revenue of $29.94 billion, a 10% year-over-year increase, exceeding the forecast of $29.57 billion [8] - The "More Personal Computing" segment, which includes Windows, search ads, devices, and gaming, reported revenue of $13.37 billion, a 6% increase, also surpassing the expected $12.66 billion [8] Capital Expenditure - Microsoft accelerated data center construction to meet the growing demand for generative AI, with quarterly capital expenditures reaching $16.75 billion, a nearly 53% increase [10] - Total capital expenditures, including leases, were $21.4 billion, marking the first decline in over two years, reflecting reduced investment in data centers [10] Partnership with OpenAI - Microsoft maintains a close partnership with OpenAI, positioning itself as a leader in AI product commercialization [12] - The company announced adjustments to its relationship with OpenAI, retaining priority purchasing rights for additional computing capacity [12] - The quarter included $623 million in "other expenses," primarily related to equity method investments like OpenAI, down from $2.29 billion in the previous quarter [12] Impact of Government Policies - Recent U.S. government policy changes, including tariffs and federal spending cuts, have raised concerns among corporate executives and investors [13] - While tariffs have a limited direct impact on software companies, they may weaken customer demand and increase overall economic costs [13]