<p><strong>微软</strong>(MSFT 0.99%) 的云计算平台 Azure 在软件巨头发布其 2024 财年第一季度财报时继续成为股票的增长动力。然而，尽管公司的 Azure 指引强劲，但仍让投资者希望更多。</p>
<p>在周三财报发布后，微软股价的下跌使得其年初至今的涨幅仅约为 10%。让我们仔细看看公司的业绩，以判断这是否是一个买入的好机会。</p>
<h2>Azure 收入加速</h2>
<p>Azure 再次成为微软的增长引擎，年同比收入增长 33%（按固定汇率计算为 34%），较上季度的 29%（按固定汇率计算为 30%）有所加速。收入增长远高于公司之前预测的 28% 至 29% 的固定汇率增长。</p>
<p>微软将强劲的增长归功于 Azure OpenAI 的使用，该使用量在过去六个月内翻了一番，帮助客户构建自己的人工智能（AI）代理和助手。它还表示，Azure AI 正在推动其数据和分析服务的使用增加。</p>
<p>然而，投资者对公司管理层仅预测 Azure 收入在 2024 财年第二季度按固定汇率增长 31% 至 32% 感到失望。尽管公司表示，随着之前的资本支出（capex）创造出更多的能力以满足强劲的需求，增长将在财年的下半年加速。</p>
<p>整体智能云收入（Azure 所在的部门）同比增长 20%，达到 241 亿美元。</p>
<p>查看微软的其他部门，生产力与业务流程部门（包括 Office 和 LinkedIn）同比收入增长 12%，达到 283 亿美元。Dynamics 365 和 Office 365 商业版分别以 14% 和 13% 的收入增长引领潮流，而 LinkedIn 收入增长 10%，Office 365 消费者版收入增长 5%。</p>
<p>微软表示，其 Copilot 365 AI 代理继续快速被采纳，超过 70% 的财富 500 强公司正在使用这些工具。同时，它表示，ERP 和 CRM 系统的助手的采用正在推动 Dynamics 的业绩。</p>
<p>其个人计算部门（包括 Windows 和 Xbox）收入同比增长 17%，达到 132 亿美元。微软最近收购的视频游戏制造商 Activision 促进了业绩，而搜索和新闻广告收入也表现强劲。</p>
<p>总体而言，微软的收入同比增长 16%，达到 656 亿美元，每股收益（EPS）增长 10%，达到 3.30 美元。该业绩明显超出分析师预期，超过了 LSEG 汇总的 64.5 亿美元的收入和 3.10 美元的每股收益的共识。</p>
<p>展望未来，微软预测其智能云部门的收入将在固定汇率下增长 18% 至 20%，而生产力与业务流程部门的收入预计将在固定汇率下增长 10% 至 11%。个人计算部门预计将下降 16% 至 18%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYwNDEvZ2V0dHlpbWFnZXMtMTQ4ODc2MjM0Mi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYwNDEvZ2V0dHlpbWFnZXMtMTQ4ODc2MjM0Mi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在是买入的好时机吗？</h2>
<p>虽然投资者对 Azure 的指引感到失望，但似乎唯一阻碍该部门增长的因素是产能限制，公司正在花钱来缓解这一问题。同时，Azure 在本季度的增长远高于之前的预测，因此它确实有超越的空间。目前，Azure 对微软来说是一个增长机器，没有迹象表明它会放缓。</p>
<p>与此同时，其其他业务总体上也显示出稳健的增长。GitHub 继续表现强劲，公司在 Microsoft 365 助手方面有巨大的机会。公司最近推出了与 Office 365 配合使用的最新版本的 AI 代理，早期的采用情况似乎良好。考虑到该附加产品每位企业客户每月 30 美元的价格，这将在未来几年为公司带来可观的收入。</p>
<p>该股票目前的前瞻市盈率（P/E）低于 27，这低于其大部分时间的交易水平。虽然这可能不是清仓价，但对于一家拥有稳定经常性收入流和众多 AI 机会的公司来说，这个估值是有吸引力的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11148ae64138d0df215b7436ec20bf3e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11148ae64138d0df215b7436ec20bf3e.png"/></p>
<p>MSFT PE Ratio (Forward 1y) 数据来源于 YCharts</p>
<p>微软已经在 Azure 上成为了一个巨大的 AI 胜利者，这看起来应该会继续下去。同时，如果 AI 能够帮助推动 Office 365 的增长，那么该股票将有更多的上行空间。</p>
<p>总的来说，我认为市场对微软财报的反应是过度反应，这看起来是长期投资者在下跌时买入股票的绝佳机会。</p>

微软

<p>微软第一季度的财报显示，Azure 的强劲增长，年同比收入增长 33%，主要得益于 Azure OpenAI 的使用。然而，对未来增长的失望指引导致股价下跌，使得今年股价仅上涨 10%。尽管如此，整体收入仍增长 16%，达到 566 亿美元，超出分析师预期。该股票的前瞻市盈率低于 27，暗示出具有吸引力的估值。分析师认为，特别是在 Azure 和 Office 365 的人工智能进展方面，长期增长潜力巨大，这为投资者提供了潜在的买入机会</p>

<p><strong>Microsoft's</strong>(MSFT 0.99%) cloud computing platform Azure continued to be the growth driver for the stock when the software giant reported its fiscal Q1 earnings. However, the company's guidance for Azure, while strong, left investors wanting more.</p>
<div class="lb-trans"><p><strong>微软</strong>(MSFT 0.99%) 的云计算平台 Azure 在软件巨头发布其 2024 财年第一季度财报时继续成为股票的增长动力。然而，尽管公司的 Azure 指引强劲，但仍让投资者希望更多。</p>
</div><p>The decline in its share price following the report's release on Wednesday leaves Microsoft stock up only around 10% on the year. Let's take a closer look at the company's results to see if this is a good opportunity to buy the dip.</p>
<div class="lb-trans"><p>在周三财报发布后，微软股价的下跌使得其年初至今的涨幅仅约为 10%。让我们仔细看看公司的业绩，以判断这是否是一个买入的好机会。</p>
</div><h2>Azure revenue accelerates</h2>
<div class="lb-trans"><h2>Azure 收入加速</h2>
</div><p>Azure was once again Microsoft's growth engine, with year-over-year revenue growth of 33% (34% in constant currency), which was an acceleration from the 29% (30% in constant currency) growth it saw last quarter. The revenue growth was well above the 28% to 29% constant currency growth the company had previously forecast.</p>
<div class="lb-trans"><p>Azure 再次成为微软的增长引擎，年同比收入增长 33%（按固定汇率计算为 34%），较上季度的 29%（按固定汇率计算为 30%）有所加速。收入增长远高于公司之前预测的 28% 至 29% 的固定汇率增长。</p>
</div><p>Microsoft credited the strong growth to Azure OpenAI usage, which has doubled in the last six months, as it helps customers build their own artificial intelligence (AI) agents and copilots. It also said that Azure AI is feeding into increased usage of its data and analytics services.</p>
<div class="lb-trans"><p>微软将强劲的增长归功于 Azure OpenAI 的使用，该使用量在过去六个月内翻了一番，帮助客户构建自己的人工智能（AI）代理和助手。它还表示，Azure AI 正在推动其数据和分析服务的使用增加。</p>
</div><p>However, investors were disappointed that company management only forecasted Azure revenue to grow by 31% to 32% in constant currency in its fiscal Q2. This is despite the company saying growth would accelerate in the second half of its fiscal year as its prior capital expenditures (capex) create more capacity to meet the strong demand it is seeing.</p>
<div class="lb-trans"><p>然而，投资者对公司管理层仅预测 Azure 收入在 2024 财年第二季度按固定汇率增长 31% 至 32% 感到失望。尽管公司表示，随着之前的资本支出（capex）创造出更多的能力以满足强劲的需求，增长将在财年的下半年加速。</p>
</div><p>Overall Intelligent Cloud revenue, where Azure resides, climbed 20% year over year to $24.1 billion.</p>
<div class="lb-trans"><p>整体智能云收入（Azure 所在的部门）同比增长 20%，达到 241 亿美元。</p>
</div><p>Looking at Microsoft's other segments, Productivity and Business Processes, which is where Office and LinkedIn reside, saw revenue jump 12% year over year to $28.3 billion. Dynamics 365 and Office 365 Commercial led the way with revenue growth of 14% and 13%, respectively, while LinkedIn revenue grew 10% and Office 365 Consumer revenue rose 5%.</p>
<div class="lb-trans"><p>查看微软的其他部门，生产力与业务流程部门（包括 Office 和 LinkedIn）同比收入增长 12%，达到 283 亿美元。Dynamics 365 和 Office 365 商业版分别以 14% 和 13% 的收入增长引领潮流，而 LinkedIn 收入增长 10%，Office 365 消费者版收入增长 5%。</p>
</div><p>Microsoft said its Copilot 365 AI agents continue to see swift adoption, with more than 70% of the Fortune 500 using the tools. Meanwhile, it said the adoption of copilots for ERP and CRM systems has been helping power the results at Dynamics.</p>
<div class="lb-trans"><p>微软表示，其 Copilot 365 AI 代理继续快速被采纳，超过 70% 的财富 500 强公司正在使用这些工具。同时，它表示，ERP 和 CRM 系统的助手的采用正在推动 Dynamics 的业绩。</p>
</div><p>Revenue in its More Personal Computing segment, home to Windows and Xbox, jumped 17% year over year to $13.2 billion. Microsoft's recent acquisition of video game maker Activision helped power the results, while search and news advertising revenue was strong.</p>
<div class="lb-trans"><p>其个人计算部门（包括 Windows 和 Xbox）收入同比增长 17%，达到 132 亿美元。微软最近收购的视频游戏制造商 Activision 促进了业绩，而搜索和新闻广告收入也表现强劲。</p>
</div><p>Overall, Microsoft's revenue climbed 16% year over year to $65.6 billion, with earnings per share (EPS) up 10% to $3.30. The results were solidly ahead of analyst expectations, topping the consensus for $64.5 billion in revenue and $3.10 in EPS, as compiled by LSEG.</p>
<div class="lb-trans"><p>总体而言，微软的收入同比增长 16%，达到 656 亿美元，每股收益（EPS）增长 10%，达到 3.30 美元。该业绩明显超出分析师预期，超过了 LSEG 汇总的 64.5 亿美元的收入和 3.10 美元的每股收益的共识。</p>
</div><p>Looking ahead, Microsoft forecast its Intelligent Cloud segment to grow between 18% and 20% in constant currency, while its Productivity and Business Processes segment revenue is projected to increase by between 10% and 11% in constant currency. More Personal Computing is forecast to decline by 16% to 18%.</p>
<div class="lb-trans"><p>展望未来，微软预测其智能云部门的收入将在固定汇率下增长 18% 至 20%，而生产力与业务流程部门的收入预计将在固定汇率下增长 10% 至 11%。个人计算部门预计将下降 16% 至 18%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTYwNDEvZ2V0dHlpbWFnZXMtMTQ4ODc2MjM0Mi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796041%2Fgettyimages-1488762342.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is it time to buy the dip?</h2>
<div class="lb-trans"><h2>现在是买入的好时机吗？</h2>
</div><p>While investors were disappointed with Azure guidance, the only thing that appears to be keeping growth back at the segment is capacity constraints, which the company is spending money on to alleviate. Meanwhile, Azure growth in the quarter came in much higher than it previously projected, so there is certainly room for it to outperform. Right now, though, Azure is a growth machine for Microsoft and there is no indication that it will slow down.</p>
<div class="lb-trans"><p>虽然投资者对 Azure 的指引感到失望，但似乎唯一阻碍该部门增长的因素是产能限制，公司正在花钱来缓解这一问题。同时，Azure 在本季度的增长远高于之前的预测，因此它确实有超越的空间。目前，Azure 对微软来说是一个增长机器，没有迹象表明它会放缓。</p>
</div><p>Meanwhile, its other businesses are, by and large, showing solid growth. GitHub continues to be strong, and the company has a huge opportunity with its Microsoft 365 copilots. The company recently introduced the newest versions of the AI agents that work with Office 365, and early uptake appears strong. Given the add-on's price point of $30 per month per user for enterprise customers, this should be a big revenue driver for the company in the coming years.</p>
<div class="lb-trans"><p>与此同时，其其他业务总体上也显示出稳健的增长。GitHub 继续表现强劲，公司在 Microsoft 365 助手方面有巨大的机会。公司最近推出了与 Office 365 配合使用的最新版本的 AI 代理，早期的采用情况似乎良好。考虑到该附加产品每位企业客户每月 30 美元的价格，这将在未来几年为公司带来可观的收入。</p>
</div><p>The stock now trades at a forward price-to-earnings (P/E) ratio of under 27, which is below where it has traded for much of the year. That may not be on the clearance rack, but that's an attractive valuation for a company with a solid recurring revenue stream and a lot of AI opportunities in front of it.</p>
<div class="lb-trans"><p>该股票目前的前瞻市盈率（P/E）低于 27，这低于其大部分时间的交易水平。虽然这可能不是清仓价，但对于一家拥有稳定经常性收入流和众多 AI 机会的公司来说，这个估值是有吸引力的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11148ae64138d0df215b7436ec20bf3e.png" alt="" original-src="https://media.ycharts.com/charts/11148ae64138d0df215b7436ec20bf3e.png"/></p>
<p>MSFT PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>MSFT PE Ratio (Forward 1y) 数据来源于 YCharts</p>
</div><p>Microsoft has already been a big AI winner with Azure, which looks like it should continue. Meanwhile, if AI can help supercharge growth for Office 365, then the stock has a lot more upside from here.</p>
<div class="lb-trans"><p>微软已经在 Azure 上成为了一个巨大的 AI 胜利者，这看起来应该会继续下去。同时，如果 AI 能够帮助推动 Office 365 的增长，那么该股票将有更多的上行空间。</p>
</div><p>All in all, I think the market reaction to Microsoft's earnings was an overreaction and this looks like a great opportunity for long-term investors to buy the stock on the dip.</p>
<div class="lb-trans"><p>总的来说，我认为市场对微软财报的反应是过度反应，这看起来是长期投资者在下跌时买入股票的绝佳机会。</p>
</div>

AI Powers Microsoft's Q1 Growth, but Stock Falls on Guidance. Is It Now a No-Brainer Buy?

- 微软的云计算平台 Azure 在财报中显示年增长 33%。  
- 尽管 Azure 收入强劲，但管理层对未来增长的预测令投资者失望。  
- 股票当前估值吸引，长期投资者可考虑在下跌时买入。  

人工智能推动了微软第一季度的增长，但由于指引下调，股票下跌。现在是毫无疑问的买入时机吗？