$MSFT · Schwab Network · 2026-10-29
MSFT 的 Azure 收入同比增长 48%，云业务指引被上调，但整体业绩表现不一：利润表现参差；资本支出低于预期，原因是供应商订单推迟到下一季度，而非支出被削减；一笔分 10 批的债务发行对股价构成压力。正的自由现金流与投资级评级支持其 250 亿美元债券发行。
逐段跳播
就 Microsoft 而言，我觉得很有意思的一点是，它正展现出非常强劲的增长，尤其是看它的 Azure 产品线。这些收入同比增长了48%，而且他们还在继续上调整个云业务的业绩指引。
For Microsoft, what I found really interesting is that it is showing very strong growth , especially when you look at its Azure product offerings . Those revenues grew by 48% year-over-year , and they continue to raise their guidance for their cloud business as a whole here.
但另一方面，Sam，他们今早宣布发行债务工具，分10个批次。我们知道，一旦这类发行开始出现，市场反应并不好，这就是为什么我们看到股价在盘中由涨转跌，甚至一度跌至约524.60美元的最低水平附近。
But on the other hand, Sam, they announced this morning the launch of debt instruments, in 10 tranches. We know that once these offerings start to appear, the market does not take them well, and that is why we see stocks turn from positive to negative in the session, and even trade near their lowest levels at around $524.60.
所以，利润表现好坏参半。人工智能方面可能还会有一些动荡。资本支出仍不理想，这就是为什么我们今早看到某种轮动交易。
So, the profits were mixed. There may be some turmoil on the artificial intelligence front . Capital spending is still not ideal, which is why we are seeing some sort of rotational trading this morning.
哦，最后一点，Microsoft 本季度的资本支出低于市场预期，他们表示原因是当季无法从供应商那里收到某些已记录在案的订单。因此，这部分将结转到下一季度。所以，这并不是要削减资本支出，而是因为物流不幸造成了一个小问题。
Oh, last thing, Microsoft's capital spending for this quarter came in below market expectations, and they stated that the reason was their inability to receive certain orders that were on record with them from their suppliers in that quarter.
Therefore, that will be carried over to the next quarter. So , it's not about reducing capital spending, but rather because logistics unfortunately caused a minor problem.
是的，而 Microsoft 有意思的一点是，昨天我听了 CFO Amy Hood 的讲话，她谈到公司是拥有正自由现金流的公司之一，这正是它与其他一些引发担忧的公司不同之处。她说他们现在可以进入债务市场，然后今早我们就看到消息说发行了250亿美元的美国债券。
我的意思是，这显示出他们想利用这一点的意愿，而且他们说能做到这一点也要归功于他们的投资级信用评级。
Yes, and what's interesting about Microsoft is that yesterday I was listening to Amy Hood, the CFO , who talked about being one of the companies with positive free cash flow, and that's what sets it apart from other companies that raise some concerns.
She said they have access to debt markets now, and then we woke up this morning to news of a $ 25 billion US bond sale . I mean, this shows their desire to take advantage of that, and they say they can do so thanks to their investment-grade credit ratings as well.
这个频道对 $MSFT 的历次判断
Schwab Network 在这只股票上共 27 条判断，这里只列相邻的几条。