$MSFT · Schwab Network · 2026-10-29
微软本季度表现非常强劲：营收、每股收益和 Azure 均超预期，Azure 按固定汇率指引为 49% 和 50%，高于 47.6%，AI 需求旺盛。但股价仍下跌，原因是 10 批次债务融资以及推迟至下季度的资本开支对股价构成压力，股价呈现圆弧顶形态。
逐段跳播
微软今早则是上涨的。涨幅不算剧烈，但考虑到Alphabet和Google的情况，这一点值得注意。我们来看看其中一些数字。
Uh Microsoft on the plus side this morning. Not a dramatic swing, but it's notable given how Alphabet Google. Let's dive into some of those numbers.
Diane，有点扫兴。好吧。是的，我们看到微软在这里略有下跌。其实它这个季度表现相当不错，但到目前为止，盘中已经接近持平。营收确实超出了市场预期，为907.4亿美元，调整后每股收益为489美元，市场预期为4.73美元。
Azure营收为331.7亿美元，同比增长48%，市场预期为328.4亿美元。真正让人意外的是自由现金流，为186亿美元，市场预期为85.4亿美元。之所以出现部分超预期，尤其是资本开支实际上低于市场预期，是因为一些原本预计要投入或交付的产品被推迟到了下一季度。
所以资本开支指引上不及预期的部分，很多会在下一季度体现出来。但显然，与OpenAI的关系继续推动一些营收增长，本季度约有100亿美元营收来自OpenAI，而且他们的指引总体上高于市场预期，按固定汇率计算，Azure增长预计在49%到50%之间，市场预期为47.6%。
The shade Diane. Okay. Yes, we are seeing uh you know Microsoft moving to the downside here a little bit. Uh actually I mean it did actually have a pretty decent quarter but it is close to actually going flat on the session so far here.
Revenue did actually beat the street's expectations coming in at $90.74 billion and the adjusted earnings per share came in at $489 versus the street's estimates of $4.73. And Azure revenue came in at $33.17 billion.
That's a 48% increase on a year-over-year basis. The street was looking for $32.84 billion. Now the big surprise was actually the free cash flow that came in at 18.6 billion. Street was looking for 8.54 billion.
And the reason for some of this uh beat especially when you're looking at the capex which actually came lighter than the streets expectations is because some of the products they were expected to spend on or deliver were actually delayed for the next quarter.
So a lot of that miss on the capex guide is going to come in in the next quarter. But obviously OpenAI relationship continues to drive some revenue growth around $10 billion of revenue was actually attributed to OpenAI in the corner and their guidance was largely above the street's expectations with Azure growth expected to be between 49 and 50% in constant currency. Street was looking for 47.6%.
所以这对微软来说确实是一个非常非常好的季度。显然，今年早些时候，人们还质疑它的业务，以及它能否在人工智能的冲击下继续保持市场份额，而这次业绩表明，他们仍然看到非常强劲的需求。
So this is actually a really really good quarter for Microsoft. Obviously we see we saw early on this year the questionability when it comes to their business and uh being able to once again uh maintain their market share because of artificial intelligence and it shows that they are still seeing a very sharp uh amount of demand.
今早股价下跌的另一个原因，是他们确实宣布了融资或发债，看起来将分为10个不同批次。我们知道，当他们融资、尤其是在债券市场融资时，Diane，这对很多这类股票来说都偏负面。所以，虽然之前有过一波不错的上涨，但看起来他们未来几年又要回到债券市场融资，这再次是我们今天开盘时看到这种圆弧顶形态并走低的原因。
Now another reason why we are seeing this move to the downside this morning uh they actually did announce uh a capital raise or a debt raise and it looks like it's going to be in 10 different tanches.
So, we know as they raise capital, especially in the debt market, Dian has been a little bit of a negative for a lot of these uh stocks. So, unfortunately, a nice pop to the upside, but it looks looks like they're going back to the debt market here uh over the next couple of years, and that is once again the reason why we're kind of seeing this rounding top and move to the downside to start off today's session.
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。