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有爱的骡
2021-01-25

Azure vs AWS

Financial report preview: Microsoft's cloud business has made frequent moves, is it expected to return to rapid 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: Microsoft's cloud business has made frequent moves, is it expected to return to rapid growth?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":319204977,"tweetId":"319204977","gmtCreate":1611585132399,"gmtModify":1704860996795,"author":{"id":3572949240610339,"idStr":"3572949240610339","authorId":3572949240610339,"authorIdStr":"3572949240610339","name":"有爱的骡","avatar":"https://static.tigerbbs.com/1289926e504243b71acc9cdcdc246554","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Azure vs AWS</body></html>","htmlText":"<html><head></head><body>Azure vs AWS</body></html>","text":"Azure vs AWS","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":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: Microsoft's cloud business has made frequent moves, is it expected to return to rapid 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":"After Biden took office as president on January 20, large technology stocks ushered in a wave of gains. Microsoft rose more than 3% that day, and Google rose more than 5%. In addition to the stimulation of the news, Microsoft will also announce its Q2 financial report for fiscal year 2021 (as of December 30, 2020) after the U.S. stock market closes on Tuesday, January 26 (early Wednesday, January 27, Beijing time). After the main financial indicators exceeded market expectations, is Microsoft's performance expected to exceed market expectations this quarter? Can the growth rate of Azure cloud business return to rapid growth?According to Bloomberg's latest consensus estimate, Microsoft's revenue growth rate and gross profit margin in the Q2 fiscal quarter of 2021 have declined。 Specifically:<ul><li>Revenue is expected to be US $40.201 billion, a year-on-year increase of 8.9%;</li><li>Adjusted net profit was US $12.441 billion, a year-on-year increase of 6.8%;</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\">2021 Q1 fiscal quarter performance review:Microsoft's performance in the Q1 fiscal quarter was quite satisfactory, with revenue, net profit and segmented revenue of various departments higher than market expectations. In terms of revenue, Microsoft's revenue in Q1 fiscal quarter was US $37.154 billion, a year-on-year increase of 12.4%, once again exceeding Wall Street expectations; Adjusted net profit was US $13.794 billion, a year-on-year increase of 30.7%; Adjusted earnings per share were US $1.81, a year-on-year increase of 30.4%, and the growth rate hit a new high in 2020; In addition, Microsoft's gross profit margin also hit a new high of 70.4%.<img src=\"https://static.tigerbbs.com/7757067fef705b48f29184ebc87f1f5f\" tg-width=\"623\" tg-height=\"404\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2535fc74ed671cecd935817f1912a8c8\" tg-width=\"570\" tg-height=\"319\" referrerpolicy=\"no-referrer\">However, due to the slowdown in revenue growth and the fact that the growth rate of intelligent cloud and Azure businesses was similar to the previous quarter, it failed to regain the rapid growth of previous quarters. Under the comprehensive influence, Microsoft turned from rising 1% to falling after the financial report was released, and finally closed down 1.66%.In terms of business,<ul><li>Microsoft including Azure, Enterprise Services, GitHub, and server products such as SQL server and Windows ServerIntelligent cloud businessContributed revenue of US $12.99 billion, a year-on-year increase of 20%, exceeding analysts' average expectation of US $12.73 billion.</li><li>Including Dynamics, LinkedIn, and Office suitesProductivity and business processes businessIt generated revenue of US $12.32 billion, a year-on-year increase of 11%, higher than analysts' average expectation of US $11.78 billion.</li><li>As part of the Office 365 collaboration app package, Teams has now increased its daily active users to 115 million from 75 million in April. Including search ads, Surface, Windows, and XboxPersonal computer businessRevenue was $11.85 billion, up 6% year-over-year and higher than analysts' average estimate 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 about 22% year-over-year, compared with a 4% decline in the previous quarter, the worst performance in more than five years.</li></ul>Analysts generally believe that, among them, benefiting from the telecommuting and home-based economy brought by COVID-19 pandemic, Microsoft's productivity, cloud computing and gaming businesses have increased significantly year-on-year, but traditional Office software licensing and upgrade revenue will be affected by Microsoft's no longer supporting old versions. LinkedIn and search advertising will also be negatively affected by slowing employment and economic growth.What factors need to be paid attention to in the Q2 fiscal quarter of 2021Benefiting from the telecommuting and home-based economy brought about by COVID-19 pandemic, Microsoft's productivity, cloud computing, and gaming businesses have grown significantly year-on-year. However, looking back at the company's business in various market segments in the past two years, most of the business has entered a mature stage. Excluding the accidental factor of the epidemic, the game business has declined significantly since the Q4 fiscal quarter of 2019. Therefore, the market generally believes that Azure cloud is the main driving force for the company's growth.Actually,Microsoft's actions in the fourth quarter also mainly focused on the Azure business.First, Microsoft entered the field of autonomous driving. On January 19, Microsoft announced that it had cooperated with General Motors (GM) and GM's autonomous driving startup Cruise to promote the commercialization of autonomous vehicles. Cruise will use Microsoft's cloud computing platform Azure to commercialize its self-driving car solutions on a large scale. GM also uses Azure as its preferred public cloud provider. Microsoft's cloud deal with Cruise could lead to significant revenue for Azure.Secondly, Microsoft also has a big news in the fourth quarter, that is, the company is likely to \"develop its own chips.\" Bloomberg reported 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 chips.What does it mean for a software company to start to develop hardware? We know that Microsoft has relied on the Wintel Alliance in the past few decades, and the Wintel Alliance relies on the X86 ecosystem. However, with the rise of ARM in mobile, the X86 has no advantage in some areas where compatibility is not required. ARM's advantages in computing power cost and power consumption are very obvious, and cloud computing vendors have switched to ARM solutions. On a practical level, as TSMC's process surpasses Intel's. The improvement in the performance of the ARM public version processor architecture, ARM authorization and TSMC manufacturing, has greatly lowered the threshold for chip manufacturing. Like Apple, it may be difficult to design your own high-performance microarchitecture, but it is not difficult to use the architecture of ARM public version to build blocks with the core. In addition, it can reduce dependence on Intel, better adapt to its own products, improve efficiency, reduce costs, and create an ecosystem of cloud integration and software and hardware collaboration.It cannot be ignored that cloud computing is a huge market. According to the previous report released by Carlyle, the cloud computing expenditure of large companies will grow at a compound annual growth rate of 17.5%. It is expected that the cloud computing market will grow from the current US $371.4 billion to US $832.1 billion by 2025. As of Q3 2020 (Q1 fiscal quarter 2021), Azure's market share is 19%, second only to Amazon AWS's 32%.<img src=\"https://static.tigerbbs.com/53109ad6219e578e70664555c23fa256\" tg-width=\"528\" tg-height=\"297\" referrerpolicy=\"no-referrer\">However, it is worth noting that,Microsoft's Azure grew by 48% year-on-year in the latest fiscal quarter, and the year-on-year growth rate was below 50% for two consecutive quarters. Investors need to pay attention to whether Azure can resume rapid growth in the latest fiscal quarter.Is cloud gaming worth looking forward to?Benefiting from COVID-19 pandemic, Microsoft's game business revenue has maintained positive growth for two consecutive quarters, with a year-on-year increase of 64% in the Q4 fiscal quarter of 2020 and a year-on-year increase of 22% in the Q1 fiscal quarter of 2021. Judging from past fiscal quarters, Microsoft's gaming business has declined significantly since the Q4 fiscal quarter of 2019. However, First Shanghai Financial said that with the improvement of chip performance and the development of 5G and cloud computing technology, cloud gaming has become possible.First Shanghai Finance said: \"As a leading cloud service provider, Microsoft has strong strength in the fields of cloud infrastructure and cloud computing. At the same time, Microsoft also has the Xbox game ecosystem that other cloud service providers such as Google do not have. We believe that Microsoft Compared with Other competitors have a high-quality foundation in cloud game services, cloud games may bring new revenue growth points to the company in the future, and investors can pay attention to relevant developments.\"","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: Microsoft's cloud business has made frequent moves, is it expected to return to rapid 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: Microsoft's cloud business has made frequent moves, is it expected to return to rapid 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老虎资讯综合 \n2021-01-25 17:51\n</div>\n</a>\n</h4>\n</header>\n<article>\nAfter Biden took office as president on January 20, large technology stocks ushered in a wave of gains. Microsoft rose more than 3% that day, and Google rose more than 5%. In addition to the stimulation of the news, Microsoft will also announce its Q2 financial report for fiscal year 2021 (as of December 30, 2020) after the U.S. stock market closes on Tuesday, January 26 (early Wednesday, January 27, Beijing time). After the main financial indicators exceeded market expectations, is Microsoft's performance expected to exceed market expectations this quarter? Can the growth rate of Azure cloud business return to rapid growth?According to Bloomberg's latest consensus estimate, Microsoft's revenue growth rate and gross profit margin in the Q2 fiscal quarter of 2021 have declined。 Specifically:<ul><li>Revenue is expected to be US $40.201 billion, a year-on-year increase of 8.9%;</li><li>Adjusted net profit was US $12.441 billion, a year-on-year increase of 6.8%;</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\">2021 Q1 fiscal quarter performance review:Microsoft's performance in the Q1 fiscal quarter was quite satisfactory, with revenue, net profit and segmented revenue of various departments higher than market expectations. In terms of revenue, Microsoft's revenue in Q1 fiscal quarter was US $37.154 billion, a year-on-year increase of 12.4%, once again exceeding Wall Street expectations; Adjusted net profit was US $13.794 billion, a year-on-year increase of 30.7%; Adjusted earnings per share were US $1.81, a year-on-year increase of 30.4%, and the growth rate hit a new high in 2020; In addition, Microsoft's gross profit margin also hit a new high of 70.4%.<img src=\"https://static.tigerbbs.com/7757067fef705b48f29184ebc87f1f5f\" tg-width=\"623\" tg-height=\"404\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2535fc74ed671cecd935817f1912a8c8\" tg-width=\"570\" tg-height=\"319\" referrerpolicy=\"no-referrer\">However, due to the slowdown in revenue growth and the fact that the growth rate of intelligent cloud and Azure businesses was similar to the previous quarter, it failed to regain the rapid growth of previous quarters. Under the comprehensive influence, Microsoft turned from rising 1% to falling after the financial report was released, and finally closed down 1.66%.In terms of business,<ul><li>Microsoft including Azure, Enterprise Services, GitHub, and server products such as SQL server and Windows ServerIntelligent cloud businessContributed revenue of US $12.99 billion, a year-on-year increase of 20%, exceeding analysts' average expectation of US $12.73 billion.</li><li>Including Dynamics, LinkedIn, and Office suitesProductivity and business processes businessIt generated revenue of US $12.32 billion, a year-on-year increase of 11%, higher than analysts' average expectation of US $11.78 billion.</li><li>As part of the Office 365 collaboration app package, Teams has now increased its daily active users to 115 million from 75 million in April. Including search ads, Surface, Windows, and XboxPersonal computer businessRevenue was $11.85 billion, up 6% year-over-year and higher than analysts' average estimate 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 about 22% year-over-year, compared with a 4% decline in the previous quarter, the worst performance in more than five years.</li></ul>Analysts generally believe that, among them, benefiting from the telecommuting and home-based economy brought by COVID-19 pandemic, Microsoft's productivity, cloud computing and gaming businesses have increased significantly year-on-year, but traditional Office software licensing and upgrade revenue will be affected by Microsoft's no longer supporting old versions. LinkedIn and search advertising will also be negatively affected by slowing employment and economic growth.What factors need to be paid attention to in the Q2 fiscal quarter of 2021Benefiting from the telecommuting and home-based economy brought about by COVID-19 pandemic, Microsoft's productivity, cloud computing, and gaming businesses have grown significantly year-on-year. However, looking back at the company's business in various market segments in the past two years, most of the business has entered a mature stage. Excluding the accidental factor of the epidemic, the game business has declined significantly since the Q4 fiscal quarter of 2019. Therefore, the market generally believes that Azure cloud is the main driving force for the company's growth.Actually,Microsoft's actions in the fourth quarter also mainly focused on the Azure business.First, Microsoft entered the field of autonomous driving. On January 19, Microsoft announced that it had cooperated with General Motors (GM) and GM's autonomous driving startup Cruise to promote the commercialization of autonomous vehicles. Cruise will use Microsoft's cloud computing platform Azure to commercialize its self-driving car solutions on a large scale. GM also uses Azure as its preferred public cloud provider. Microsoft's cloud deal with Cruise could lead to significant revenue for Azure.Secondly, Microsoft also has a big news in the fourth quarter, that is, the company is likely to \"develop its own chips.\" Bloomberg reported 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 chips.What does it mean for a software company to start to develop hardware? We know that Microsoft has relied on the Wintel Alliance in the past few decades, and the Wintel Alliance relies on the X86 ecosystem. However, with the rise of ARM in mobile, the X86 has no advantage in some areas where compatibility is not required. ARM's advantages in computing power cost and power consumption are very obvious, and cloud computing vendors have switched to ARM solutions. On a practical level, as TSMC's process surpasses Intel's. The improvement in the performance of the ARM public version processor architecture, ARM authorization and TSMC manufacturing, has greatly lowered the threshold for chip manufacturing. Like Apple, it may be difficult to design your own high-performance microarchitecture, but it is not difficult to use the architecture of ARM public version to build blocks with the core. In addition, it can reduce dependence on Intel, better adapt to its own products, improve efficiency, reduce costs, and create an ecosystem of cloud integration and software and hardware collaboration.It cannot be ignored that cloud computing is a huge market. According to the previous report released by Carlyle, the cloud computing expenditure of large companies will grow at a compound annual growth rate of 17.5%. It is expected that the cloud computing market will grow from the current US $371.4 billion to US $832.1 billion by 2025. As of Q3 2020 (Q1 fiscal quarter 2021), Azure's market share is 19%, second only to Amazon AWS's 32%.<img src=\"https://static.tigerbbs.com/53109ad6219e578e70664555c23fa256\" tg-width=\"528\" tg-height=\"297\" referrerpolicy=\"no-referrer\">However, it is worth noting that,Microsoft's Azure grew by 48% year-on-year in the latest fiscal quarter, and the year-on-year growth rate was below 50% for two consecutive quarters. Investors need to pay attention to whether Azure can resume rapid growth in the latest fiscal quarter.Is cloud gaming worth looking forward to?Benefiting from COVID-19 pandemic, Microsoft's game business revenue has maintained positive growth for two consecutive quarters, with a year-on-year increase of 64% in the Q4 fiscal quarter of 2020 and a year-on-year increase of 22% in the Q1 fiscal quarter of 2021. Judging from past fiscal quarters, Microsoft's gaming business has declined significantly since the Q4 fiscal quarter of 2019. However, First Shanghai Financial said that with the improvement of chip performance and the development of 5G and cloud computing technology, cloud gaming has become possible.First Shanghai Finance said: \"As a leading cloud service provider, Microsoft has strong strength in the fields of cloud infrastructure and cloud computing. At the same time, Microsoft also has the Xbox game ecosystem that other cloud service providers such as Google do not have. We believe that Microsoft Compared with Other competitors have a high-quality foundation in cloud game services, cloud games may bring new revenue growth points to the company in the future, and investors can pay attention to relevant developments.\"\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":1887,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["AMZN"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}