AI全球速递：从微软FY25Q3财报看AI供需趋势变化

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Microsoft reported FY25Q3 revenue of $70.1 billion, a year-over-year increase of 13%, with operating profit at $32 billion (up 16%) and net profit at $25.8 billion (up 18%), exceeding expectations across all business lines, particularly in cloud computing [4][9] - The report highlights a positive demand trend and a sustained supply increase, with short-term fluctuations attributed to geographic, demand, and workload mismatches, which Microsoft is addressing through flexible global supply adjustments [4][9] Summary by Sections Financial Performance - Microsoft achieved FY25Q3 revenue of $70.1 billion, surpassing Bloomberg's estimate of $68.5 billion; operating profit was $32 billion, exceeding the estimate of $30.3 billion; net profit reached $25.8 billion, above the expected $24 billion [9] - The productivity and business processes segment generated $29.9 billion, growing 10% year-over-year, driven by Microsoft 365 commercial products and LinkedIn [9] - Intelligent cloud revenue was $26.8 billion, up 21% year-over-year, primarily due to Azure and other cloud services, which grew 33% [9] - Microsoft Cloud revenue totaled $42.4 billion, reflecting a robust 20% year-over-year growth [9] Capital Expenditure - Capital expenditure for Q3 was $21.4 billion, down from $22.6 billion in Q2, with expectations for an increase in Q4; FY2025 annual guidance remains unchanged, while FY2026 is expected to see continued growth [9] AI Development - AI is progressively penetrating downstream applications, with Microsoft's Foundry platform being utilized by over 70,000 enterprises for AI application development [9] - The report notes significant growth in AI service usage, with GitHub Copilot users exceeding 15 million and Microsoft 365 Copilot seeing a threefold increase in usage [9] - The overall progress in AI is promising, with expectations for further demand growth driven by AI agents [9]