Microsoft 3QFY26 Results: Strong AI Demand, Changing Monetization Model

SG Visual Research
05-07
$微软(MSFT)$  

Microsoft’s 3QFY26 report is not only about strong cloud growth.

The more interesting point is the pricing shift:

from a per-user model

to a user-plus-usage model.

That could matter for how AI products are monetized over time.

Key numbers:

Revenue: US$82.9bn, +18.3% YoY

Operating income: US$38.4bn, +20% YoY

Azure growth: +40% YoY

Microsoft 365 Copilot paid seats: 20mn

At the same time, AI capex remains heavy.

3QFY26 capex reached US$31.9bn, with around two-thirds spent on GPUs and CPUs.


Earnings Season: Divergence or Surprise, Which Stocks Are You Looking at?
Nearly two-thirds of the way through the earnings season, S&P 500 is reporting impressive results. Both the percentage and the magnitude of earnings surprises are above recent averages. As a result, the index is reporting higher earnings for the first quarter today relative to the end of last week and relative to the end of the quarter. In addition, the index is reporting its highest earnings growth rate since Q4 2021. ------- Which company bring us surprises or misses? What stocks are you looking at? Share with fellow tigers and win tiger coins~
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
8