[Guotai Haitong Communications] Microsoft: Cloud Revenue Beats, Azure Continues to Accelerate 0730

English summary

Event: On the morning of July 30, Microsoft announced FY26 Q3 results and held an earnings call. Summary as follows: Financial metrics: Actual vs. Forecast FY26 Q4 revenue: $90.0B vs $87.728B; Intelligent Cloud: $39.3B vs $38.095B; of which: Azure growth (CC) 43% vs 39.48%; Productivity and Business Process: $37.8B vs $37.256B; More Personal Computing: $12.9B vs $12.196B. [Capital expenditure] Including finance leases, capex was $41.4B, up 70%+ YoY, up 29.78% QoQ. FY27 Q1 Outlook: Productivity and Business Process: $36.7-37.0B; Intelligent Cloud: $40.9...