Microsoft 2분기 실적 라이브 블로그

Real Money의 Eric Jhonsa가 Microsoft의 수익 보고서 및 경영진과의 컨퍼런스 콜을 담당합니다....

2023년 기업 기술 지출이 어떻게 형성되고 있는지에 대한 마이크로소프트의 공개는 소프트웨어 거대 기업이 화요일 오후에 보고함에 따라 면밀한 관심을 끌 것입니다.

FactSet이 조사한 애널리스트들 사이에서 Microsoft의 12월 분기(회계 2분기) 매출 은 529억 9천만 달러(연간 2.4% 증가), EPS는 2.29달러(7.5% 감소)로 보고되었습니다.

마이크로소프트는 수익 발표에서 보고 부문에 대한 분기별 판매 지침을 공유합니다 . 3월 분기의 회사 매출 컨센서스는 524억 2천만 달러(6.2% 증가)입니다.

Real Money의 기술 칼럼니스트인 Eric Jhonsa는 동부 표준시 오후 5시 30분으로 예정된 전화 회의와 함께 Microsoft의 수익 보고서를 블로그에 라이브로 게시할 예정입니다.

업데이트를 위해 브라우저를 새로 고치십시오.

6:41 PM ET: 마지막 질문(대규모 고객의 Azure 램프에 관한 질문) 중 몇 가지 기술적인 문제로 인해 Microsoft의 통화가 종료되었습니다.

주가는 현재 시간 외 0.7% 하락한 $240.25입니다. 마이크로소프트가 많은 기업 중심 비즈니스에 대해 상당히 좋은 수치를 보고한 후 그들은 처음에 더 높은 사후 수익을 거래했지만 회사가 12월에 비즈니스 추세가 약화되고 보고 부문이 집합적으로 FQ3 이후 수익은 $50.5B-$51.5B로 컨센서스 $52.42B보다 낮습니다. 부족분의 상당 부분은 PC 수요 약세로 인해 압박을 받고 있는 더 많은 개인용 컴퓨팅 부문에서 비롯됩니다.

Azure 매출은 FQ2에 고정 통화 기준으로 Y/Y 38% 증가했으며, Microsoft는 FQ3에서 4~5포인트 연속 성장 둔화를 안내했습니다. 상업 예약은 Y/Y 7% 증가했으며, Microsoft는 어려운 경쟁 속에서 대략적인 FQ3 예약 성장을 안내했습니다.

함께해주셔서 감사합니다.

정정: Microsoft는 고정 통화 Azure 매출 성장이 전체 분기가 아닌 30대 중반으로 알려진 12월 분기 말 종료율에 비해 4~5포인트 느려질 것으로 예상합니다. 38%의 비율.

6:27 PM ET: Office 365 성장에 대한 질문: ARPU 성장에 비해 사용자 수가 얼마나 증가하고 있습니까?

Hood는 Microsoft가 양호하지만 완만한 좌석 성장을 보이고 있으며 E5 계획 채택 덕분에 ARPU 성장이 여전히 강세를 유지하고 있다고 말합니다.

Nadella는 Viva 및 Power와 같은 다른 “사용자별” 소프트웨어 플랫폼이 강력한 성장세를 보이고 있다고 덧붙였습니다.

6:24 PM ET: Microsoft가 여전히 두 자릿수 FY23 매출 성장에 대한 사전 지침을 충족할 수 있는지 여부에 대한 질문입니다.

후드는 가이드를 반복하지 않습니다. Microsoft는 개선의 징후를 찾기 위해 PC 시장을 계속 주시하고 있다고 말합니다. 비용 절감을 위한 회사의 노력이 외형 압박 속에서 영업 마진 감소를 제한하고 있다고 덧붙였습니다.

6:19 PM ET: Nadella는 다양한 Microsoft 제품에 대한 사용/참여가 느린 거래 활동 속에서도 지속적으로 강력한 성장세를 보이고 있다고 주장합니다.

후드는 마이크로소프트가 제품군에 대한 수요가 여전히 좋은 경우가 많지만 독립형 제품 판매에 대한 압박이 더 크다고 덧붙였다.

6:17 PM ET: 투자자들이 회사의 FQ3 지침과 요구 논평을 소화함에 따라 Microsoft는 이제 평평한 AH에 가깝습니다.

6:15 PM ET: 미국 IT 지출 환경에 대한 질문입니다.

Nadella는 지출 환경에 대한 그의 언급이 글로벌 지출에 관한 것이라고 말했습니다. Microsoft는 단기적으로 기술 지출을 “최적화”하기 위한 약간의 주의와 노력을 보더라도 여전히 IT 지출이 GDP 의 %로 계속 증가할 것으로 예상합니다.

동부 표준시 오후 6시 12분: 첫 번째 질문은 OpenAI 거래와 그 매출 영향에 관한 것입니다.

Nadella는 Microsoft가 AI가 “차세대 대형 플랫폼 물결”이 될 것이라고 생각하며 이를 솔루션 전반에 통합하려고 한다고 주장합니다. Power 플랫폼, GitHub 등을 위한 현재 AI 기반 서비스를 강조합니다.

6:08 PM ET: Q&A 세션이 시작됩니다. 주가는 현재 AH에서 1.9% 상승했습니다.

6:08 PM ET: 운영 비용은 FQ3에 전년 대비 11-12% 증가할 것으로 예상됩니다.

Regarding the second half of fiscal 2023, Hood says Microsoft expects decelerating revenue growth relative to the first half. Opex growth is expected to drop to the low single digits in the June quarter. Higher energy costs are now expected to be a smaller headwind than previously expected.

6:05 PM ET: FQ3 segment guidance:

Productivity & Business Processes – $16.9B-17.2B vs. a $16.94B consensus
Intelligent Cloud – $21.7B-$22B vs. a $22.19B consensus
More Personal Computing – $11.9B-$12.3B vs. a $13.43B consensus

Constant-currency Azure revenue growth is expected to decelerate by 4 to 5 points Q/Q. Windows OEM revenue is expected to be down by a mid-30s percentage.

Shares are up 2.9% AH.

6:00 PM ET: Forex is expected lower revenue growth by 3 points and opex growth by 2 points in FQ3 (less than in FQ2).

5:58 PM ET: The Xandr acquisition provided a 6-point boost to search and news ad revenue, which was up 10% in dollars and 15% in CC.

5:57 PM ET: Hood says Devices revenue (down 39% Y/Y) was hurt by “execution challenges” related to new product launches.

5:55 PM ET: Hood says Microsoft exited FQ2 with constant-currency Azure growth in the mid-30s (compares with 38% growth for the full quarter).

5:53 PM ET: Hood is now going over Microsoft’s FQ2 segment performance. Notes Office commercial sales continue benefiting from seat growth among SMBs and frontline workers, and from greater enterprise adoption of costlier E5 plans.

5:50 PM ET: Hood recaps Microsoft’s FQ2 performance. Notes there was some weakening of business in December, with moderating Azure consumption.

Microsoft has trimmed its AH gains a bit on those remarks: Shares are now up 3.3% AH.

5:48 PM ET: Amy Hood is now talking.

5:48 PM ET: Gaming monthly active users topped 120M.

5:46 PM ET: LinkedIn is said to now have over 900M registered users. Users for the Start feed are said to be up over 30% Y/Y.

5:44 PM ET: Nadella says (amid weak PC demand) time spent per Windows PC remains up 10% relative to pre-pandemic levels. Also says the Azure Virtual Desktop service is seeing strong growth.

5:42 PM ET: Nadella says Teams now has more than 280M monthly active users, while asserting the platform is taking share across every category it participates in. Teams Phone is said to have added more than 5M PSTN seats over the last 12 months.

5:39 PM ET: Power Automate customers are up over 50% Y/Y.

5:38 PM ET: GitHub is said to now be home to more than 100M developers. More than 1M people have used the GitHub Copilot (AI-based code generation) service.

5:37 PM ET: Nadella asserts (following the OpenAI deal) Microsoft has the most powerful cloud-based supercomputer infrastructure for AI workloads. Says Azure ML revenue has risen over 100% Y/Y for 5 quarters in a row.

5:35 PM ET: Nadella says twice as many CPU cores are run on Azure as were run two years ago, and that the Azure Arc hybrid cloud service now has 12K customers (up 2x Y/Y).

5:34 PM ET: Nadella says firms are now “optimizing” their spend after accelerating it during the pandemic, and are exercising caution in an uncertain environment.

5:33 PM ET: Satya Nadella is talking.

5:31 PM ET: The call is starting. Microsoft is going over its safe-harbor statement.

5:28 PM ET: Microsoft’s call typically features prepared remarks from CEO Satya Nadella and CFO Amy Hood, after which the execs take questions from analysts. Guidance is shared by Hood towards the end of her prepared remarks.

5:26 PM ET: Hi, I’m back to cover Microsoft’s call. Here’s the webcast link, for those wanting to tune in.

4:53 PM ET: I’m taking a short break, but will be back to cover Microsoft’s earnings call, which is set to kick off at 5:30 PM ET and will include the sharing of the company’s quarterly sales guidance.

Shares are up 4.1% AH to $251.90 after Microsoft posted mixed FQ2 results (revenue slightly missed, EPS slightly beat), while reporting 7% commercial bookings growth and 29% commercial RPO (contract backlog) growth.

4:48 PM ET: One other bright spot: Dynamics 365 business app revenue was up 21% in dollars and 29% in CC, as the platform continues taking share among SMBs and midmarket firms. Total Dynamics revenue was up 13% in dollars and 20% in CC.

4:41 PM ET: The Office 365 installed base keeps steadily growing. Office 365 commercial seats were up 12% Y/Y, and Microsoft 365 consumer subs were up 1.9M Q/Q and 6.8M Y/Y to 63.2M.

4:39 PM ET: Free cash flow was down 43% Y/Y to $4.9B, with Microsoft noting it would’ve been down 16% if not for a one-time tax payment. The company ended FQ2 with $99.5B in cash/equivalents and $48.1B in debt.

4:35 PM ET: $4.6B was spent on stock buybacks in FQ2, even with FQ1.

4:31 PM ET: As a reminder, Microsoft’s quarterly sales guide, which tends to have a big impact on how its stock trades the next day, isn’t in the earnings report. It’ll be shared on the call.

4:29 PM ET: The segment breakdown helps explain why Microsoft is higher post-earnings in spite of a slight revenue miss: The miss was caused by More Personal Computing, which is dominated by PC and consumer-centric businesses that were known to be weak. The two segments dominated by sales of software and cloud services to businesses beat estimates.

4:26 PM ET: FQ2 revenue by business segment:

Productivity & Business Processes (Office, Dynamics, LinkedIn) – $17B, +7% Y/Y and above a $16.79B consensus

Intelligent Cloud (Azure, server software) – $21.51B, +18% and above a $21.43B consensus

More Personal Computing (Windows, Xbox, Surface, ads) – $14.24B, -19% and below a $14.76B consensus.

4:23 PM ET: $6.8B was spent on capex in FQ2, compared with $6.6B in FQ1 and $7.4B a year earlier.

4:21 PM ET: Weighing on EPS some: While revenue grew 2%, Microsoft’s operating expenses were up 19% Y/Y on a GAAP basis to $14.9B, and 11% excluding one-time charges.

With Microsoft having slowed down hiring and just announced layoffs, opex growth will likely slow in the coming quarters.

4:16 PM ET: Dollar-based and CC revenue growth for various Microsoft businesses. As the numbers show, forex was a big headwind across the board, and big declines in Windows OEM, Devices (Surface, Xbox, etc.) and to a lesser extent Xbox content/services revenue also weighed on the top line.

On the other hand, Azure, Dynamics, LinkedIn, search/news ads, and server products and cloud services recorded double-digit growth, and Office Commercial grew 7%.




MSFT FQ2 비즈니스

4:09 PM ET: Shares are holding onto their gains: They’re now up 4.9% AH to $254.00. Here’s the FQ2 report, for those wanting to take a look.

4:08 PM ET: Commercial bookings were up 7% Y/Y in dollars and 4% in constant currency. With bookings up 32% in dollars and 37% in CC a year ago, Microsoft was facing a tough annual comp.

Notably, Microsoft’s commercial RPO (contract backlog) was up 29% in dollars and 26% in CC to $189B.

4:05 PM ET: Revenue rose 2% Y/Y in dollars and 7% in constant currency.

Azure revenue rose 31% in dollars and 38% in CC, slightly topping CC guidance of 37%.

4:04 PM ET: GAAP EPS, which bakes in $0.12/share of “severance, hardware-related impairment, and lease consolidation costs,” was $2.20.

4:02 PM ET: Results are out. FQ2 revenue of $52.75B slightly misses a $52.99B consensus. Adjusted EPS of $2.32 beats a $2.29 consensus.

Shares are up 4.1% after-hours.

4:00 PM ET: Microsoft’s stock closed down 0.2% to $242.04. The FQ2 report should be out shortly.

3:57 PM ET: As usual, Microsoft’s Azure revenue growth will be closely watched. In October, Microsoft guided for constant-currency Azure growth (42% in FQ1) to drop about 5 points sequentially.

3:51 PM ET: The FactSet consensus is for FQ2 revenue of $52.99B and EPS of $2.29.

2023년 IT 예산이 지금 설정되고 있는 상황에서 Microsoft의 수익 가이드(FQ3 수익 컨센서스는 524억 2천만 달러)와 함께 상업 예약 증가 및 기업 지출 추세에 대한 일반적인 논평에 많은 관심을 기울일 것입니다.

3:47 PM ET: 안녕하세요, Eric Jhonsa입니다. 나는 마이크로소프트의 수익 보고서와 전화를 라이브 블로깅할 것이다.

Real Money의 기술 칼럼니스트인 Eric Jhonsa는 동부 표준시 오후 5시 30분으로 예정된 전화 회의와 함께 Microsoft의 수익 보고서를 블로그에 라이브로 게시할 예정입니다.

Source: https://www.thestreet.com/investing/microsoft-second-quarter-fiscal-2023-earnings-live-blog

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