$MSFT · Joseph Carlson After Hours · 2026-10-29
微软的财报再次强劲：营收增长 19%，营业利润增长 21%，利润率小幅升至 50%，云业务收入 630 亿美元，同比增长 30%，按固定汇率增长 31%——在其体量下令人惊叹。预计自由现金流在 2027 财年之前保持为正，资本开支低于预期且为自有资金支持，这种保守作风受投资者青睐；其股价下跌 1.2% 部分是因为 Google 拖累大盘，而非业绩所致。
逐段跳播
现在，我们还有微软，它公布了财报，
Now, we also have Microsoft, which announced its earnings,
微软也公布了业绩。它的股价一开始小幅上涨。现在它已经下跌了1.2%，部分原因是Google。坦率地说，Google今天拖累了很多市场。因此，标普500和纳斯达克指数下跌的部分原因，仅仅是因为Google的财报。
但我看微软，我看到的是又一份强劲的财报。微软收入增长了19%，营业利润增长了21%，营业利润率小幅上升至50%。这些对微软来说都是出色的数字。微软的云收入达到630亿美元，同比增长30%，按固定汇率计算增长31%。
所以，他们在云领域仍然以超过30%的速度增长，考虑到他们的规模，这简直不可思议。
Microsoft also announced its results. Its stock rose slightly at first. Now it has dropped by 1.2%, partly due to Google . Frankly, Google is dragging a lot of the market down today.
Therefore, part of the reason for the decline in the S&P 500 and Nasdaq indices is simply due to the Google report. But I look at Microsoft, and I see that it's another strong report.
Microsoft's revenue grew by 19%, operating income rose by 21% , and the operating margin increased slightly to 50% . These are excellent figures for Microsoft. Microsoft's cloud revenues reached $63 billion, a 30% year-over-year increase, and 31% in constant currency terms.
So, they are still growing in the cloud space by more than 30 %, which is incredible considering their size.
关于微软的一件重要事情是，预计其自由现金流在整个2027财年都将保持为正。基本上，他们将在全年持续保持正的自由现金流。他们用自己的钱为资本支出的扩张提供资金，而资本支出低于预期。
因此，微软在资本支出上采取了略微更保守的做法。投资者通常喜欢这一点。
One important thing about Microsoft is that its free cash flow is expected to remain positive throughout fiscal year 2027. Essentially, they will continue to maintain positive free cash flow throughout the year.
They are funding their expansion in capital spending with their own money, and the capital spending has come in lower than expected. Therefore, Microsoft is taking a slightly more conservative approach to its capital expenditures. Investors usually like that .
这个频道对 $MSFT 的历次判断
Joseph Carlson After Hours 在这只股票上共 6 条判断，这里只列相邻的几条。