<p><strong>微软</strong>(MSFT -1.00%) 的股价下跌，因为其 Azure 云计算平台的收入处于之前指导的低端，尽管该部门仍然是公司最大的增长驱动力。截至目前，这一下降使得该股在今年略微转为负值。</p>
<p>让我们深入分析公司的业绩，看看这是否是一个买入的好机会。</p>
<h2>Azure 关注</h2>
<p>当微软公布其财报时，Azure 再次成为主要焦点。该部门在财政第二季度的收入增长了 31%，相比第一季度的 33% 有所放缓。这也处于其之前对 Azure 财政第二季度收入增长 31% 至 32% 的指导的低端。</p>
<p>公司表示，其人工智能业务的年收入超过了 130 亿美元，Azure AI 的收入同比激增 157%。它还补充说，Azure OpenAI 应用的数量同比翻了一番，这帮助其 SQL Hyperscale 和 Cosmos DB 解决方案得到了显著采用。与此同时，OpenAI 决定增加对 Azure 的大额承诺。</p>
<p>整体 “智能云” 收入（包括 Azure）同比增长 19%，达到了 255 亿美元。</p>
<p>展望未来，公司预测 Azure 收入在财政第三季度将再次增长 31% 至 32%。然而，它之前曾提到，随着之前资本支出（capex）带来的更多产能，Azure 的增长将在财政下半年加速。公司将非人工智能 Azure 业务的挑战归咎于此，同时指出其仍处于相对产能受限的环境中。</p>
<p>转向微软的其他部门，生产力和业务流程（包括 Microsoft 365 和 LinkedIn）在同比增长 14% 的情况下，收入达到了 294 亿美元。Dynamics 产品和云服务的收入以及 Office 365 商业版都增长了 15%。LinkedIn 收入增长了 9%，而 Office 365 消费者收入增长了 8%。</p>
<p>微软表示，客户在各类交易中对其 Microsoft 365 Copilot 的采用正在加速。它补充说，在可用的第一季度购买 Copilot 的客户在过去 18 个月中，座位数总共增加了超过 10 倍。</p>
<p>其 “更个人化的计算” 部门（包括 Windows 和 Xbox）的收入同比持平，达到了 147 亿美元。该部门的搜索和新闻广告业务表现强劲，收入增长了 21%。</p>
<p>微软的总收入同比增长 12%，达到了 696 亿美元，每股收益（EPS）增长 10%，达到了 3.23 美元。这一业绩轻松超过了分析师共识预期的 688 亿美元收入和 3.11 美元 EPS，数据由 LSEG 汇编。</p>
<p>对于财政第三季度，公司预计其智能云部门的收入将在不变货币下增长 19% 至 20%，达到 259 亿至 262 亿美元，而其生产力和业务流程部门的收入预计将在不变货币下增长 11% 至 12%，达到 294 亿至 297 亿美元。更个人化的计算部门的收入预计将在 124 亿至 128 亿美元之间，这将低于一年前的 156 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDU4NzAvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDU4NzAvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>投资者应该买入吗？</h2>
<p>尽管 Azure 的收入和指导可能让投资者失望，但它仍然是微软业务中最强劲的部分。该业务的人工智能部分仍然非常强劲，尽管仍然受到产能限制。同时，公司对计算成本的下降持乐观态度，认为这将导致更多的消费。它指出，每个周期由于软件优化推理，看到的改善达到了 10 倍。</p>
<p>与此同时，随着客户开始更广泛地采用其 AI Copilot，微软的 Office 365 商业业务的收入开始加速增长。早期客户继续增加座位数，这对未来业务是一个好兆头。每位企业用户每月 30 美元的费用，这是一个不错的增长机会。</p>
<p>该股目前的前瞻市盈率（P/E）低于 28，基于财政 2026 年的分析师预估。这对于一家拥有良好经常性收入来源和众多人工智能机会的软件和云计算公司来说是一个合理的估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a354f467d1e7c465de20d7e173560fb.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/2a354f467d1e7c465de20d7e173560fb.png"/></p>
<p>MSFT PE 比率（前瞻 1 年）数据来源于 YCharts</p>
<p>总体而言，我认为微软的业绩总体上是稳健的。虽然未能达到一些高期望的 Azure 业绩，但这是一家在人工智能领域引领潮流的公司。因此，我认为长期投资者可以利用股价的下跌来购买或增加对这家持久科技公司的投资。</p>

微软

<p>微软的股价下跌，因为尽管 Azure 是公司最大的增长驱动力，但其收入增长处于指导范围的低端。Azure 在第二季度的收入增长了 31%，低于第一季度的 33%，而整体收入增长了 12%，达到了 696 亿美元。人工智能部门表现出强劲的增长，Azure AI 的收入增长了 157%。分析师建议，股价的下跌可能提供了一个买入机会，因为公司在人工智能领域继续领先，并且拥有稳定的经常性收入来源</p>

<p><strong>Microsoft</strong>(MSFT -1.00%) shares fell after revenue from its Azure cloud computing platform came in at the low end of its prior guidance, although the unit continues to be company's biggest growth driver. The decline sent the stock into slightly negative territory for the year, as of this writing.</p>
<div class="lb-trans"><p><strong>微软</strong>(MSFT -1.00%) 的股价下跌，因为其 Azure 云计算平台的收入处于之前指导的低端，尽管该部门仍然是公司最大的增长驱动力。截至目前，这一下降使得该股在今年略微转为负值。</p>
</div><p>Let's dig into the company's results to see if this is a good opportunity to buy the dip.</p>
<div class="lb-trans"><p>让我们深入分析公司的业绩，看看这是否是一个买入的好机会。</p>
</div><h2>Azure in focus</h2>
<div class="lb-trans"><h2>Azure 关注</h2>
</div><p>Azure was once again the primary focus when Microsoft reported its earnings results. The unit grew its revenue by 31% in the fiscal second quarter, which was a deceleration from Q1 when Azure revenue rose 33%. It was also at the low end of its prior guidance for Azure fiscal Q2 revenue growth of between 31% and 32%.</p>
<div class="lb-trans"><p>当微软公布其财报时，Azure 再次成为主要焦点。该部门在财政第二季度的收入增长了 31%，相比第一季度的 33% 有所放缓。这也处于其之前对 Azure 财政第二季度收入增长 31% 至 32% 的指导的低端。</p>
</div><p>The company said its AI business surpassed a $13 billion annual revenue run rate, as its Azure AI revenue surged 157% year over year. It added that Azure OpenAI applications doubled year over year, which helped lead to significant adoption for its SQL Hyperscale and Cosmos DB solutions. OpenAI, meanwhile, has decided to make new large Azure commitments.</p>
<div class="lb-trans"><p>公司表示，其人工智能业务的年收入超过了 130 亿美元，Azure AI 的收入同比激增 157%。它还补充说，Azure OpenAI 应用的数量同比翻了一番，这帮助其 SQL Hyperscale 和 Cosmos DB 解决方案得到了显著采用。与此同时，OpenAI 决定增加对 Azure 的大额承诺。</p>
</div><p>Overall &#34;intelligent cloud&#34; revenue, where Azure sits, jumped 19% year over year to $25.5 billion.</p>
<div class="lb-trans"><p>整体 “智能云” 收入（包括 Azure）同比增长 19%，达到了 255 亿美元。</p>
</div><p>Looking ahead, the company forecast Azure revenue to once again grow by 31% to 32% in fiscal Q3. However, it had previously talked about Azure growth accelerating in its fiscal second half as more capacity came on from prior capital expenditures (capex) spending. The company blamed challenges in its non-AI Azure business, while noting that it continues to be in a pretty capacity-constrained environment.</p>
<div class="lb-trans"><p>展望未来，公司预测 Azure 收入在财政第三季度将再次增长 31% 至 32%。然而，它之前曾提到，随着之前资本支出（capex）带来的更多产能，Azure 的增长将在财政下半年加速。公司将非人工智能 Azure 业务的挑战归咎于此，同时指出其仍处于相对产能受限的环境中。</p>
</div><p>Turning to Microsoft's other segments, productivity and business processes, home to Microsoft 365 and LinkedIn, saw revenue climb 14% year over year to $29.4 billion. Dynamics products and cloud services revenue as well as Office 365 commercial led the way, with both growing by 15%. LinkedIn revenue rose by 9%, and Office 365 consumer revenue increased 8%.</p>
<div class="lb-trans"><p>转向微软的其他部门，生产力和业务流程（包括 Microsoft 365 和 LinkedIn）在同比增长 14% 的情况下，收入达到了 294 亿美元。Dynamics 产品和云服务的收入以及 Office 365 商业版都增长了 15%。LinkedIn 收入增长了 9%，而 Office 365 消费者收入增长了 8%。</p>
</div><p>Microsoft said that it is seeing accelerated customer adoption of its Microsoft 365 Copilot across deal sizes. It added that customers that purchased Copilot during its first quarter of availability have expanded their seats by more than 10 times over the past 18 months in aggregate.</p>
<div class="lb-trans"><p>微软表示，客户在各类交易中对其 Microsoft 365 Copilot 的采用正在加速。它补充说，在可用的第一季度购买 Copilot 的客户在过去 18 个月中，座位数总共增加了超过 10 倍。</p>
</div><p>Revenue in its &#34;more personal computing&#34; segment, where Windows and Xbox reside, was flattish year over year at $14.7 billion. Its search and news advertising business, which is also part of the segment, was strong with revenue growth of 21%.</p>
<div class="lb-trans"><p>其 “更个人化的计算” 部门（包括 Windows 和 Xbox）的收入同比持平，达到了 147 亿美元。该部门的搜索和新闻广告业务表现强劲，收入增长了 21%。</p>
</div><p>Microsoft's total revenue rose by 12% year over year to $69.6 billion, with earnings per share (EPS) rising 10% to $3.23. The results easily surpassed analyst consensus estimates calling for $68.8 billion in revenue and $3.11 in EPS, as compiled by LSEG.</p>
<div class="lb-trans"><p>微软的总收入同比增长 12%，达到了 696 亿美元，每股收益（EPS）增长 10%，达到了 3.23 美元。这一业绩轻松超过了分析师共识预期的 688 亿美元收入和 3.11 美元 EPS，数据由 LSEG 汇编。</p>
</div><p>For its fiscal Q3, the company expects its intelligent cloud segment to grow between 19% and 20% in constant currency to $25.9 billion-$26.2 billion, while its productivity and business processes segment revenue is projected to rise by between 11% and 12% in constant currency to $29.4 billion-$29.7 billion. More personal computing segment revenue is forecast to be between $12.4 billion and $12.8 billion, which would be down from $15.6 billion a year ago.</p>
<div class="lb-trans"><p>对于财政第三季度，公司预计其智能云部门的收入将在不变货币下增长 19% 至 20%，达到 259 亿至 262 亿美元，而其生产力和业务流程部门的收入预计将在不变货币下增长 11% 至 12%，达到 294 亿至 297 亿美元。更个人化的计算部门的收入预计将在 124 亿至 128 亿美元之间，这将低于一年前的 156 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDU4NzAvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805870%2Fgettyimages-1422925468.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>Should investors buy the dip?</h2>
<div class="lb-trans"><h2>投资者应该买入吗？</h2>
</div><p>While Azure revenue and guidance may have disappointed investors, it is still the strongest part of Microsoft's business. The AI portion of the business continues to be very robust, albeit still capacity constrained. Meanwhile, the company is bullish that as computing costs come down, it will lead to more consumption. It noted that each cycle it has seen a 10 times improvement due to software optimizations on inference.</p>
<div class="lb-trans"><p>尽管 Azure 的收入和指导可能让投资者失望，但它仍然是微软业务中最强劲的部分。该业务的人工智能部分仍然非常强劲，尽管仍然受到产能限制。同时，公司对计算成本的下降持乐观态度，认为这将导致更多的消费。它指出，每个周期由于软件优化推理，看到的改善达到了 10 倍。</p>
</div><p>Meanwhile, the company saw revenue start to accelerate in its Office 365 commercial business as customers began to more broadly adopt its AI Copilot. With early customers continuing to add seats, this is a good sign for the business moving forward. At $30 per enterprise user per month, this is a nice growth opportunity.</p>
<div class="lb-trans"><p>与此同时，随着客户开始更广泛地采用其 AI Copilot，微软的 Office 365 商业业务的收入开始加速增长。早期客户继续增加座位数，这对未来业务是一个好兆头。每位企业用户每月 30 美元的费用，这是一个不错的增长机会。</p>
</div><p>The stock now trades at a forward price-to-earnings (P/E) ratio of under 28 based on fiscal 2026 analyst estimates. That's a fair valuation for a software and cloud computing company with good recurring revenue streams and a lot of AI opportunities in front of it.</p>
<div class="lb-trans"><p>该股目前的前瞻市盈率（P/E）低于 28，基于财政 2026 年的分析师预估。这对于一家拥有良好经常性收入来源和众多人工智能机会的软件和云计算公司来说是一个合理的估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a354f467d1e7c465de20d7e173560fb.png" alt="" original-src="https://media.ycharts.com/charts/2a354f467d1e7c465de20d7e173560fb.png"/></p>
<p>MSFT PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>MSFT PE 比率（前瞻 1 年）数据来源于 YCharts</p>
</div><p>Overall, I think Microsoft's results were generally solid. They did not live up to some high Azure expectations, but this is a company that is helping lead the way with AI. As such, I think long-term-focused investors can use the dip in the stock price to buy or add to positions for this enduring technology company.</p>
<div class="lb-trans"><p>总体而言，我认为微软的业绩总体上是稳健的。虽然未能达到一些高期望的 Azure 业绩，但这是一家在人工智能领域引领潮流的公司。因此，我认为长期投资者可以利用股价的下跌来购买或增加对这家持久科技公司的投资。</p>
</div>

Microsoft Shares Slip on "Soft" Azure Revenue. Is This a Buying Opportunity in the Stock?

- 微软 Azure 云计算平台收入增长 31%，低于预期。  
- 总收入同比增长 12% 至 69.6 亿美元，超出分析师预期。  
- 公司预计智能云部门在下季度将增长 19% 至 20%。  

微软股价因 Azure 收入 “疲软” 下滑。这是买入该股票的机会吗？