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- 有爱的骡有爱的骡
  ·2021-03-01
  fyi
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- 有爱的骡有爱的骡
  ·2021-01-25
  Azure vs AWS
  Financial Report Preview: With Microsoft's cloud business making frequent moves, is it expected to return to high-speed growth?
  1月20日拜登就职总统之后，大型科技股迎来一波上涨。微软当日涨超3%、谷歌涨超5%。除了消息面的刺激，微软也将于1月26日周二美股盘后（北京时间1月27日周三早间）公布2021财年Q2财季财务报告（截
  Financial Report Preview: With Microsoft's cloud business making frequent moves, is it expected to return to high-speed growth?
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vs AWS","listText":"Azure vs AWS","text":"Azure vs AWS","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319204977","repostId":"1196174057","repostType":4,"repost":{"id":"1196174057","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1611568303,"share":"https://ttm.financial/m/news/1196174057?lang=en_US&edition=fundamental","pubTime":"2021-01-25 17:51","market":"us","language":"zh","title":"Financial Report Preview: With Microsoft's cloud business making frequent moves, is it expected to return to high-speed growth?","url":"https://stock-news.laohu8.com/highlight/detail?id=1196174057","media":"老虎资讯综合","summary":"1月20日拜登就职总统之后，大型科技股迎来一波上涨。微软当日涨超3%、谷歌涨超5%。除了消息面的刺激，微软也将于1月26日周二美股盘后（北京时间1月27日周三早间）公布2021财年Q2财季财务报告（截","content":"<p>Following Biden's inauguration as president on January 20, major tech stocks experienced a surge. Microsoft rose more than 3% and Google rose more than 5% that day. In addition to the news stimulus, Microsoft will also release its Q2 2021 financial report (ending December 30, 2020) after the US stock market closes on Tuesday, January 26 (Wednesday morning, January 27, Beijing time). After key financial indicators exceeded market expectations in the previous quarter, is Microsoft's performance expected to exceed market expectations this quarter? Can Azure cloud business growth return to high-speed growth?</p><p>According to Bloomberg's latest consensus forecast<b>Microsoft's revenue growth and gross profit margin both declined in Q2 2021.</b>。 Specifically:</p><p><ul><li>Revenue is expected to be $40.201 billion, representing an 8.9% year-over-year increase;</li><li>Adjusted net income was $12.441 billion, up 6.8% year-over-year;</li><li>Adjusted earnings per share were $1.64, up 8.3% year-over-year.</li></ul><img src=\"https://static.tigerbbs.com/b2d7159c7dba398a5fd8769cebc36a09\" tg-width=\"1918\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><b>Q1 Fiscal 2021 Results Review:</b></p><p>Microsoft's performance in the Q1 fiscal quarter was mediocre, with revenue, net profit, and revenue from various segments exceeding market expectations. In terms of revenue, Microsoft's revenue in the first fiscal quarter was $37.154 billion, a year-over-year increase of 12.4%, once again exceeding Wall Street's expectations; Adjusted net profit was $13.794 billion, a year-on-year increase of 30.7%; Adjusted earnings per share were $1.81, up 30.4% year-over-year, a new high for 2020; In addition, Microsoft's gross profit margin also hit a record high of 70.4%.</p><p><img src=\"https://static.tigerbbs.com/7757067fef705b48f29184ebc87f1f5f\" tg-width=\"623\" tg-height=\"404\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/2535fc74ed671cecd935817f1912a8c8\" tg-width=\"570\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p>However, due to slower revenue growth and the fact that the growth rates of intelligent cloud and Azure businesses were similar to those of the previous quarter, the company failed to regain the high growth rate of the previous quarters. Due to a combination of factors, Microsoft's stock price turned from a 1% increase after its earnings report was released, ultimately closing down 1.66%.</p><p>Looking at the business segments,</p><p><ul><li>Microsoft including Azure, Enterprise Services, GitHub, and server products such as SQL Server and Windows Server<b>Intelligent cloud services</b>It contributed $12.99 billion in revenue, a 20% year-over-year increase, exceeding the average analyst expectation of $12.73 billion.</li><li>Including Dynamics, LinkedIn, and Office suites<b>Productivity and Business Process Business</b>Revenue reached $12.32 billion, an 11% year-over-year increase, exceeding the average analyst expectation of $11.78 billion.</li><li>As part of the Office 365 collaboration suite, Teams' daily active users have increased from 75 million in April to 115 million. Including search ads, Surface, Windows, and Xbox<b>Personal computer business</b>Revenue was $11.85 billion, up 6% year-over-year, exceeding the average analyst expectation of $11.18 billion.</li><li>Licensing revenue from Windows device manufacturers fell 5% year-over-year in the quarter, especially for commercial devices, which fell by about 22% year-over-year, compared to a 4% decline in the previous quarter, the worst performance in more than five years.</li></ul>Analysts generally believe that Microsoft's productivity, cloud computing, and gaming businesses have seen significant year-on-year growth, benefiting from the remote work-from-home economy brought about by the COVID-19 pandemic. However, traditional Office software licensing and upgrade revenue will be hit by Microsoft no longer supporting older versions, and LinkedIn and search advertising will also be negatively impacted by slowing employment and economic growth.</p><p><b>What factors should we pay attention to in Q2 2021?</b></p><p>Benefiting from the remote work and home economy brought about by the COVID-19 pandemic, Microsoft's productivity, cloud computing, and gaming businesses saw significant year-on-year growth. However, looking back at the company's various market segments in the past two years, most of the businesses have entered a mature stage. Excluding the occasional factor of the pandemic, the gaming business has declined significantly since the fourth fiscal quarter of 2019. Therefore, the market generally believes that Azure cloud is the main driver of company growth.</p><p>In fact,<b>Microsoft's actions in the fourth quarter also mainly revolved around its Azure business.</b>First, Microsoft entered the field of autonomous driving. On January 19, Microsoft announced that it had partnered with General Motors (GM) and its autonomous driving startup Cruise to promote the commercialization of autonomous vehicles. Cruise will leverage Microsoft's cloud computing platform Azure to enable the large-scale commercialization of its autonomous vehicle solutions. General Motors also uses Azure as its preferred public cloud provider. Microsoft's cloud agreement with Cruise could bring substantial revenue to Azure.</p><p>Secondly, Microsoft also received another major piece of news in the fourth quarter: the company is likely to \"develop its own chips\". Bloomberg reports that Microsoft is designing processor chips for cloud service data centers based on the Arm architecture. The company is also considering equipping the Surface series of personal computers with its own self-developed chips.</p><p>What does it mean when a software company starts focusing on hardware? We know that Microsoft has relied on the Wintel Consortium for decades, and the Wintel Consortium relies on the X86 ecosystem. However, with the rise of ARM in the mobile field, X86 no longer has an advantage in some areas where compatibility is not required. ARM has a significant advantage in computing power cost and power consumption, leading cloud computing vendors to switch to ARM solutions. At the practical level, TSMC's processes have surpassed Intel's. The improvement in the performance of ARM's reference processor architecture, coupled with ARM licensing and TSMC manufacturing, has significantly lowered the barrier to entry for chip manufacturing. Like Apple, designing your own high-performance microarchitecture may be difficult, but using ARM's reference architecture and core building blocks is not difficult. In addition, it can reduce reliance on Intel, better adapt to its own products, improve efficiency, reduce costs, and create an integrated cloud and hardware and software ecosystem.</p><p>It cannot be ignored that cloud computing is a huge market. A previous report by Carlyle indicated that cloud computing spending by large companies will grow at a compound annual growth rate of 17.5%, and the cloud computing market size is expected to grow from the current $371.4 billion to $832.1 billion by 2025. As of Q3 2020 (Q1 fiscal quarter 2021), Azure's market share was 19%, second only to Amazon AWS's 32%.</p><p><img src=\"https://static.tigerbbs.com/53109ad6219e578e70664555c23fa256\" tg-width=\"528\" tg-height=\"297\" referrerpolicy=\"no-referrer\">However, it is worth noting that,<b>Microsoft's Azure grew by 48% year-over-year in the latest fiscal quarter, marking the second consecutive quarter of year-over-year growth below 50%. Investors need to pay attention to whether Azure can resume its rapid growth in the latest fiscal quarter.</b></p><p><b>Is cloud gaming worth looking forward to?</b></p><p>Benefiting from the COVID-19 pandemic, Microsoft's gaming business revenue maintained positive growth for two consecutive quarters, with a 64% year-on-year increase in Q4 2020 and a 22% year-on-year increase in Q1 2021. Looking at past fiscal quarters, Microsoft's gaming business has declined significantly since Q4 2019. However, First Shanghai Financial stated that with the advancement of chip performance and the development of 5G and cloud computing technologies, cloud gaming has become possible.</p><p>First Shanghai Financial stated: \"As a leading cloud service provider, Microsoft has strong capabilities in cloud infrastructure and cloud computing. At the same time, Microsoft also possesses an Xbox game ecosystem that other cloud service providers such as Google do not have. We believe that Microsoft has a high-quality foundation in cloud gaming services compared to other competitors. In the future, cloud gaming may bring new revenue growth points to the company. Investors can pay attention to relevant developments.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Financial Report Preview: With Microsoft's cloud business making frequent moves, is it expected to return to high-speed growth?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFinancial Report Preview: With Microsoft's cloud business making frequent moves, is it expected to return to high-speed growth?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-01-25 17:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Following Biden's inauguration as president on January 20, major tech stocks experienced a surge. Microsoft rose more than 3% and Google rose more than 5% that day. In addition to the news stimulus, Microsoft will also release its Q2 2021 financial report (ending December 30, 2020) after the US stock market closes on Tuesday, January 26 (Wednesday morning, January 27, Beijing time). After key financial indicators exceeded market expectations in the previous quarter, is Microsoft's performance expected to exceed market expectations this quarter? Can Azure cloud business growth return to high-speed growth?</p><p>According to Bloomberg's latest consensus forecast<b>Microsoft's revenue growth and gross profit margin both declined in Q2 2021.</b>。 Specifically:</p><p><ul><li>Revenue is expected to be $40.201 billion, representing an 8.9% year-over-year increase;</li><li>Adjusted net income was $12.441 billion, up 6.8% year-over-year;</li><li>Adjusted earnings per share were $1.64, up 8.3% year-over-year.</li></ul><img src=\"https://static.tigerbbs.com/b2d7159c7dba398a5fd8769cebc36a09\" tg-width=\"1918\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><b>Q1 Fiscal 2021 Results Review:</b></p><p>Microsoft's performance in the Q1 fiscal quarter was mediocre, with revenue, net profit, and revenue from various segments exceeding market expectations. In terms of revenue, Microsoft's revenue in the first fiscal quarter was $37.154 billion, a year-over-year increase of 12.4%, once again exceeding Wall Street's expectations; Adjusted net profit was $13.794 billion, a year-on-year increase of 30.7%; Adjusted earnings per share were $1.81, up 30.4% year-over-year, a new high for 2020; In addition, Microsoft's gross profit margin also hit a record high of 70.4%.</p><p><img src=\"https://static.tigerbbs.com/7757067fef705b48f29184ebc87f1f5f\" tg-width=\"623\" tg-height=\"404\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/2535fc74ed671cecd935817f1912a8c8\" tg-width=\"570\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p>However, due to slower revenue growth and the fact that the growth rates of intelligent cloud and Azure businesses were similar to those of the previous quarter, the company failed to regain the high growth rate of the previous quarters. Due to a combination of factors, Microsoft's stock price turned from a 1% increase after its earnings report was released, ultimately closing down 1.66%.</p><p>Looking at the business segments,</p><p><ul><li>Microsoft including Azure, Enterprise Services, GitHub, and server products such as SQL Server and Windows Server<b>Intelligent cloud services</b>It contributed $12.99 billion in revenue, a 20% year-over-year increase, exceeding the average analyst expectation of $12.73 billion.</li><li>Including Dynamics, LinkedIn, and Office suites<b>Productivity and Business Process Business</b>Revenue reached $12.32 billion, an 11% year-over-year increase, exceeding the average analyst expectation of $11.78 billion.</li><li>As part of the Office 365 collaboration suite, Teams' daily active users have increased from 75 million in April to 115 million. Including search ads, Surface, Windows, and Xbox<b>Personal computer business</b>Revenue was $11.85 billion, up 6% year-over-year, exceeding the average analyst expectation of $11.18 billion.</li><li>Licensing revenue from Windows device manufacturers fell 5% year-over-year in the quarter, especially for commercial devices, which fell by about 22% year-over-year, compared to a 4% decline in the previous quarter, the worst performance in more than five years.</li></ul>Analysts generally believe that Microsoft's productivity, cloud computing, and gaming businesses have seen significant year-on-year growth, benefiting from the remote work-from-home economy brought about by the COVID-19 pandemic. However, traditional Office software licensing and upgrade revenue will be hit by Microsoft no longer supporting older versions, and LinkedIn and search advertising will also be negatively impacted by slowing employment and economic growth.</p><p><b>What factors should we pay attention to in Q2 2021?</b></p><p>Benefiting from the remote work and home economy brought about by the COVID-19 pandemic, Microsoft's productivity, cloud computing, and gaming businesses saw significant year-on-year growth. However, looking back at the company's various market segments in the past two years, most of the businesses have entered a mature stage. Excluding the occasional factor of the pandemic, the gaming business has declined significantly since the fourth fiscal quarter of 2019. Therefore, the market generally believes that Azure cloud is the main driver of company growth.</p><p>In fact,<b>Microsoft's actions in the fourth quarter also mainly revolved around its Azure business.</b>First, Microsoft entered the field of autonomous driving. On January 19, Microsoft announced that it had partnered with General Motors (GM) and its autonomous driving startup Cruise to promote the commercialization of autonomous vehicles. Cruise will leverage Microsoft's cloud computing platform Azure to enable the large-scale commercialization of its autonomous vehicle solutions. General Motors also uses Azure as its preferred public cloud provider. Microsoft's cloud agreement with Cruise could bring substantial revenue to Azure.</p><p>Secondly, Microsoft also received another major piece of news in the fourth quarter: the company is likely to \"develop its own chips\". Bloomberg reports that Microsoft is designing processor chips for cloud service data centers based on the Arm architecture. The company is also considering equipping the Surface series of personal computers with its own self-developed chips.</p><p>What does it mean when a software company starts focusing on hardware? We know that Microsoft has relied on the Wintel Consortium for decades, and the Wintel Consortium relies on the X86 ecosystem. However, with the rise of ARM in the mobile field, X86 no longer has an advantage in some areas where compatibility is not required. ARM has a significant advantage in computing power cost and power consumption, leading cloud computing vendors to switch to ARM solutions. At the practical level, TSMC's processes have surpassed Intel's. The improvement in the performance of ARM's reference processor architecture, coupled with ARM licensing and TSMC manufacturing, has significantly lowered the barrier to entry for chip manufacturing. Like Apple, designing your own high-performance microarchitecture may be difficult, but using ARM's reference architecture and core building blocks is not difficult. In addition, it can reduce reliance on Intel, better adapt to its own products, improve efficiency, reduce costs, and create an integrated cloud and hardware and software ecosystem.</p><p>It cannot be ignored that cloud computing is a huge market. A previous report by Carlyle indicated that cloud computing spending by large companies will grow at a compound annual growth rate of 17.5%, and the cloud computing market size is expected to grow from the current $371.4 billion to $832.1 billion by 2025. As of Q3 2020 (Q1 fiscal quarter 2021), Azure's market share was 19%, second only to Amazon AWS's 32%.</p><p><img src=\"https://static.tigerbbs.com/53109ad6219e578e70664555c23fa256\" tg-width=\"528\" tg-height=\"297\" referrerpolicy=\"no-referrer\">However, it is worth noting that,<b>Microsoft's Azure grew by 48% year-over-year in the latest fiscal quarter, marking the second consecutive quarter of year-over-year growth below 50%. Investors need to pay attention to whether Azure can resume its rapid growth in the latest fiscal quarter.</b></p><p><b>Is cloud gaming worth looking forward to?</b></p><p>Benefiting from the COVID-19 pandemic, Microsoft's gaming business revenue maintained positive growth for two consecutive quarters, with a 64% year-on-year increase in Q4 2020 and a 22% year-on-year increase in Q1 2021. Looking at past fiscal quarters, Microsoft's gaming business has declined significantly since Q4 2019. However, First Shanghai Financial stated that with the advancement of chip performance and the development of 5G and cloud computing technologies, cloud gaming has become possible.</p><p>First Shanghai Financial stated: \"As a leading cloud service provider, Microsoft has strong capabilities in cloud infrastructure and cloud computing. At the same time, Microsoft also possesses an Xbox game ecosystem that other cloud service providers such as Google do not have. We believe that Microsoft has a high-quality foundation in cloud gaming services compared to other competitors. In the future, cloud gaming may bring new revenue growth points to the company. Investors can pay attention to relevant developments.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63bcdd40747dbacf61bd55b0f5f96a16","relate_stocks":{"MSFT":"微软"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196174057","content_text":"1月20日拜登就职总统之后，大型科技股迎来一波上涨。微软当日涨超3%、谷歌涨超5%。除了消息面的刺激，微软也将于1月26日周二美股盘后（北京时间1月27日周三早间）公布2021财年Q2财季财务报告（截止2020年12月30日），在上一季度主要财务指标超出市场预期后，本季度，微软业绩有望超出市场预期吗？Azure云业务增速能否回归高速增长？根据彭博社最新一致预期，微软2021年Q2财季营收增速、毛利率均有所下降。具体来看：预计营收为402.01亿美元，同比增长8.9%；调整后净利润为124.41亿美元，同比增长6.8%；调整后每股收益1.64美元，同比增长8.3%。2021年Q1财季业绩回顾：Q1财季微软的业绩算是中规中矩，营收、净利润及各部门细分收入高于市场预期。营收方面，Q1财季微软营收371.54亿美元，同比增长12.4%，再次超出华尔街预期；调整后净利润137.94亿美元，同比增长30.7%；调整后每股收益1.81美元，同比增长30.4%，增速创2020年新高；此外，微软毛利率也毛利率创新高至70.4%。不过由于营收增速放缓，以及智能云和Azure业务增速与上一季度相近，未能重拾前几个季度高速增长。综合影响下，微软在财报发布后由涨1%转跌，最终收跌1.66%。分业务看，包括Azure、企业服务、GitHub以及SQL server和Windows Server等服务器产品在内的微软智能云业务贡献营收129.9亿美元，同比增长20%，超过分析师平均预期的127.3亿美元。包括Dynamics, LinkedIn和Office套件在内的生产力和业务流程业务创造营收123.2亿美元，同比增长11%，高于分析师平均预期的117.8亿美元。作为Office 365协作应用程序包的一部分，目前Teams每天的活跃用户已从4月份的7500万增加到1.15亿。包括搜索广告、Surface、Windows和Xbox在内的个人电脑业务营收为118.5亿美元，同比增长6%，高于分析师平均预期的111.8亿美元。来自Windows设备制造商的授权收入当季同比下降5%，尤其是商用设备的授权收入同比下降约22%，而前一季度的降幅为4%，是五年多来的最差表现。分析师普遍认为，其中，受益于新冠疫情带来的远程办公个居家经济，微软的生产力、云计算和游戏等业务，同比大幅增长，但传统的Office软件许可和升级收入将受微软不再支持旧版本的打击，LinkedIn和搜索广告也会受到就业和经济增长放缓的负面影响。2021年Q2财季有哪些需要关注的因素受益于新冠疫情带来的远程办公个居家经济，微软的生产力、云计算和游戏等业务同比大幅增长。但回顾公司近两年各细分市场业务，大部分业务已经进入成熟期，排除疫情这个偶发因素，游戏业务自2019年Q4财季以来下滑明显。因此，市场普遍认为，Azure云才是驱动公司增长的主要动力。实际上，微软四季度动作也主要围绕Azure业务展开。首先，微软切入自动驾驶领域，1月19日，微软宣布已与通用汽车（GM）及通用旗下自动驾驶初创公司Cruise合作，推动自动驾驶汽车商业化。Cruise将利用微软的云计算平台Azure，使得其自动驾驶汽车解决方案能大规模商业化。通用汽车也将Azure用作其首选的公共云提供商。微软与Cruise的云协议可能会为Azure带来可观的收入。其次，四季度微软还有一个重磅消息，就是公司很可能要“自研芯片”了。彭博报道称，微软正基于Arm架构，设计用于云服务数据中心的处理器芯片。公司也在考虑为Surface系列个人电脑配备公司自研芯片。一家做软件的公司开始发力硬件，意味着什么？我们知道，过去几十年微软依赖的是Wintel联盟，Wintel联盟所依仗的是X86生态系统。但是，随着ARM在移动领域的崛起，在一些不需要兼容性的领域，X86已经没有优势了。ARM在算力成本功耗的优势非常明显，云计算厂商纷纷换用ARM解决方案。在实际操作层面上，随着台积电工艺超过英特尔。ARM公版处理器架构性能的提升，ARM授权加台积电制造，已经大幅度降低了芯片制造的门槛。像苹果一样，自己设计高性能微架构也许比较困难，但是使用ARM公版的架构与核心搭积木并不困难。此外，可以减少对英特尔的依赖，更好地与自身产品做适配、提高效率、降低成本，并打造云端一体、软硬协同的生态圈。不容忽视的是，云计算是一个巨大的市场。凯雷此前发布的报告显示，大公司云计算的支出将以17.5%的年均复合增长率增长，预计到2025年云计算市场规模将由当前的3714亿美元增长至8321亿美元。截至2020年Q3（2021年Q1财季）Azure市场占有率为19%，仅次于亚马逊AWS的32%。不过，值得注意的是，微软最新财季Azure同比增长48%，同比增速连续两个季度位于50%以下，投资者需要关注最新财季，Azure能否恢复高速增长。云游戏值得期待吗？受益于新冠疫情，微软游戏业务营收连续两个季度保持正增长，其中2020年Q4财季同比增长64%、2021年Q1财季，同比增长22%。从过往财季看，微软游戏的业务在2019年Q4财季以来下滑明显，不过，第一上海金融表示，随着芯片性能的进步，5G及云计算技术的发展，云游戏已经成为可能。第一上海金融称：“作为领先的云服务厂商，微软在云基础设施及云计算领域具备强大实力，同时微软也具备其他云服务厂商如谷歌所不具备的Xbox游戏生态，我们认为微软相比其他竞争对手在云游戏服务方面拥有优质的基础，未来云游戏或能为公司带来新的收入增长点，投资者可以关注相关进展。”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":3812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}