[MSX Institute · Daily Observation on U.S. Stocks and RWA] is a flagship daily report by MSX, the leading RWA trading platform. Leveraging our robust macro research capabilities, we capture the core dynamics of global traditional U.S. stocks, liquidity shifts, and the RWA tokenization market to help you strategically position yourself in high-quality assets.
Today's Observation
Microsoft's revenue, profit, and cloud growth all exceeded expectations this quarter. Revenue reached $90 billion, up 18% year-over-year, while Azure growth surged 43%, significantly surpassing expectations of around 40%, with annual Azure revenue exceeding $100 billion for the first time. Notably, GAAP EPS ($4.81) was higher than adjusted EPS ($4.74) this quarter, primarily due to one-time net gains from AI-related equity investments such as OpenAI, reversing the drag from its previous losses over several quarters. Additionally, next quarter’s guidance remains strong: Azure growth guidance is set at 45%, well above the consensus expectation of 41.4%, though capital expenditures continue to accelerate.
Data per minute
• Revenue of $90.007 billion, up 18% year-over-year, exceeding expectations of $87.723 billion
• Adjusted EPS of $4.74 exceeded expectations of $4.25; GAAP EPS of $4.81 was higher due to a one-time gain from AI equity investments
• Azure grew 43% year-over-year, exceeding expectations by approximately 40%, and surpassed $100 billion for the first time this year.
• RPO increased 84% year-over-year; Copilot paid seats surpassed 30 million
• Operating profit of 40.6 billion, up 18% year-over-year, with a profit margin of approximately 45%
• Guidance for next quarter: Azure growth at 45% (above expectations of 41.4%); capital expenditures exceed $50 billion
MSX View
This quarter’s Microsoft earnings highlighted a key detail: GAAP earnings outpaced non-GAAP due to a one-time gain from AI-related equity investments, which is unrelated to core operations. However, the real focus should remain on non-GAAP EPS and the solid 18% growth in operating profit. Beyond these, Azure guidance significantly exceeded expectations, RPO surged 84%, and Copilot surpassed 30 million users—strong demand signals across the board. The only concern is that capital expenditures continue to accelerate while depreciation periods are being extended; it remains to be seen how much of the reported profit margin reflects genuine operational leverage versus accounting adjustments, warranting continued monitoring.
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Risk disclaimer: Macroeconomic conditions and U.S. stock market volatility are significant; the content of this article is for academic and research observation purposes only by MaiTong Research Institute and does not constitute any investment advice.