Citi‘s Most Read – Tech & Communications

研报英文原文证据摘录

Citi‘s Most Read – Tech & Communications

Roundup |

Citi's Most Read - Tech &

Communications 03 Aug 2026 07:33:10 ET

July 27 - August 2

Citi Global Research AC

+44-20-7500-1400Most Read

As boundaries increasingly blur between conventional sectors, and as bottom-up

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The Tech &

Communications Super-Sector consists of the Technology, Payments, Processors

& IT Services, Media, and Telecoms sectors. Please find below a collection of our

most impactful recent research in the Tech & Communications Global Super-

Sector – we hope you find it thought-provoking.

Most Read

Microsoft Corp. (MSFT.O) - Delivers On The Q4 Investors Were Hoping For

Microsoft delivered an impressive Q4 with a larger than typical top/bottom line

beat, led by strength in its most strategic businesses (Azure + Office/Copilot).

Importantly, Azure growth returned to an outsized beat (3–4pt beat) with 43% Y/Y

cc representing the fastest growth in four years and accelerating 4pts QoQ. Within

Office, Copilot paid seats grew +10M QoQ vs last Q's 5M and our 8M, likely setting

the stage for accelerating M365 guidance. Cost and capex discipline was also on

display, with COGS /capex in line with guidance despite the significant revenue

outperformance. While there was no obvious shortfall when examining the

preliminary results, we would argue the Q4 Commercial bookings growth of 18%

(ex-OpenAI) vs guidance of healthy growth with expiry base looks a bit

underwhelming in the context of 27% Y/Y Microsoft cloud growth. Guidance and

capex commentary will be key items to watch on the 5:30pm ET call.