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2021-07-27
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Microsoft Focuses Aggressively On Cloud Ahead Of Fiscal Q4 Earnings Report<blockquote>微软在第四财季收益报告发布前积极关注云计算</blockquote>
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After reaching $500 billion in market cap in 2017, it took only two years to double to $1 trillion and then two more years to double again to $2 trillion. The next trillion, if we get there, is now only half the distance away.</p><p><blockquote>自 2014 年首席执行官萨蒂亚-纳德拉（Satya Nadella）上任以来，MSFT 的股价已经上涨了 600% 以上。2017年市值达到5000亿美元后，仅用了两年时间就翻了一番，达到1万亿美元，然后又用了两年时间再次翻了一番，达到2万亿美元。如果我们到达那里，下一个万亿现在只有一半的距离了。</blockquote></p><p> MSFT is expected to report fiscal Q4 earnings on Tuesday after markets close.</p><p><blockquote>MSFT 预计将于周二收盘后公布第四财季收益。</blockquote></p><p> When you look at MSFT from a 40,000-foot view, it seems pretty clear that the company has reinvented itself several times since taking root in software. Now a multi-industry behemoth weaving itself across the entire digital domain from ground to digital sky, MSFT arguably has become virtually omnipresent.</p><p><blockquote>当你从40,000英尺的高空观察MSFT时，很明显，该公司自扎根软件以来已经多次重塑了自己。现在，MSFT是一个跨行业的庞然大物，横跨从地面到数字天空的整个数字领域，可以说已经变得几乎无处不在。</blockquote></p><p> And its recent market-cap surge reflects the opportunities it saw and seized: investing in cloud computing, developing virtual chat and collaboration tech, expanding into the video game market, and satiating its large appetite for acquisitions.</p><p><blockquote>其最近的市值飙升反映了其看到并抓住的机会：投资云计算、开发虚拟聊天和协作技术、扩展到视频游戏市场以及满足其巨大的收购胃口。</blockquote></p><p> Before looking at some of the segments, it’s important to note that MSFT has beaten Wall Street’s consensus on earnings and revenue each of the last four quarters. Accelerating business IT spending could help bring another strong quarterly result this time around, analysts told Barron’s recently.</p><p><blockquote>在研究某些细分市场之前，需要注意的是，在过去四个季度中，MSFT 的盈利和收入都超过了华尔街的共识。分析师最近告诉《巴伦周刊》，加速企业 IT 支出可能有助于这次带来另一个强劲的季度业绩。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/microsoft-earnings.jpg\" tg-width=\"1822\" tg-height=\"951\" referrerpolicy=\"no-referrer\"><span>FIGURE 1: LIFTED BY THE CLOUD. Microsoft’s stock (MSFT—candlestick) has, for the most part, been in line with the Nasdaq-100 Index (NDX—purple line). The stock has been trending higher since Sept. 2020. Will MSFT’s trend continue when it releases its quarterly earnings? Data source: Nasdaq. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：被云举起。微软的股票（MSFT-烛台）在很大程度上与纳斯达克 100 指数（NDX-紫线）一致。自2020年9月以来，该股一直呈上涨趋势。MSFT 发布季度财报时，这种趋势会继续下去吗？数据来源：纳斯达克。图表来源：The thinkorswim®平台。仅用于说明目的。过去的表现并不能保证未来的结果。</span></p></blockquote></p><p> <h2>Microsoft’s Cloud Stack May Emerge As Its Largest Business Segment</h2> Opening last quarter’s earnings conference call, CEO Nadella set the tone with his usual forecast in grand style: “Digital technology will be the foundation for resilience and growth over the next decade. We are innovating and building the cloud stack to accelerate the digital capability of every organization on the planet.”</p><p><blockquote><h2>微软的云堆栈可能成为其最大的业务部门</h2>在上一季度的财报电话会议上，首席执行官纳德拉以他一贯的宏大预测定下了基调： “数字技术将是未来十年韧性和增长的基础。我们正在创新和构建云堆栈，以加速地球上每个组织的数字化能力”。</blockquote></p><p> The cloud space is a narrow and highly contentious arena where you have only three major competitors. According to a report by Canalys, as of April 2021, AMZN’s AWS occupies the top spot with a 32% market share. MSFT’s Azure comes in at a close second with 19%. And GOOGL’s Google Cloud is third with a smaller yet rapidly expanding 7% share.</p><p><blockquote>云空间是一个狭窄且竞争激烈的竞技场，在这里你只有三个主要的竞争对手。根据 Canalys 的报告，截至 2021 年 4 月，AMZN 的 AWS 以 32% 的市场份额占据榜首。MSFT 的 Azure 以 19% 紧随其后。GOOGL的谷歌云以规模较小但迅速扩大的 7% 的份额位居第三。</blockquote></p><p> Still, growth in global cloud services may expand by a compound annual growth rate of 17.5% by 2025, according to third-party analysts. The difference in dollar terms would mean a whopping $832 billion market by then vs. $371.4 billion in 2020.</p><p><blockquote>尽管如此，据第三方分析师称，到2025年，全球云服务的增长可能会以17.5%的复合年增长率扩大。以美元计算，这一差异意味着届时市场规模将达到 8320 亿美元，而 2020 年市场规模将达到 3714 亿美元。</blockquote></p><p> Last quarter, MSFT’s Intelligent Cloud segment, which includes Azure, raked in $15.12 billion in revenue—23% growth year over year and well above analysts’ estimates of $14.92 billion, according to FactSet.</p><p><blockquote>根据 FactSet 的数据，上一季度，包括 Azure 在内的 MSFT 智能云部门的收入为 151.2 亿美元，同比增长 23%，远高于分析师预期的 149.2 亿美元。</blockquote></p><p> The company is pushing its cloud growth aggressively, as it has “more data center regions than any other provider,” according to Nadella, in addition to expanding into new regions across Asia and the US.</p><p><blockquote>纳德拉表示，除了向亚洲和美国的新地区扩张外，该公司还在积极推进云计算业务，因为它拥有 “比任何其他提供商都多的数据中心区域”。</blockquote></p><p> Given the gap between MSFT’s current cloud position (19% global market share) and its ambitions to dominate every organizational cloud space “on the planet,” you might want to pay attention to its Intelligent Cloud results.</p><p><blockquote>鉴于 MSFT 目前的云计算地位（19% 的全球市场份额）与其主导 “地球上 ”每一个组织云空间的雄心之间的差距，您不妨关注一下其智能云的成果。</blockquote></p><p> <h2>New Hybrid Work Environment Demands A New Model</h2> Let’s assume that the Covid Year of 2020 changed the way employees and companies value mobility versus the fixed cubicle. And with the pandemic seemingly behind us yet threatening an enhanced reprise, you’ve got to think many businesses might want the “productivity insurance” of a hybrid distance-collaboration platform. At least that’s what MSFT is probably hoping.</p><p><blockquote><h2>新的混合工作环境需要新的模式</h2>假设 2020 年的 Covid 改变了员工和公司对流动性与固定隔间的看法。大流行病似乎已经过去，但又有可能卷土重来，你不得不想到，许多企业可能都希望获得混合远程协作平台的 “生产力保险”。至少 MSFT 可能是这么希望的。</blockquote></p><p> MSFT’s Teams platform could be a strong contender in this arena of distance collaboration. Its users nearly doubled year over year, according to Nadella, servicing 145 million active users a day. More importantly, with workers across the globe heading back to the office (literally), Nadella noted that Team usage expanded.</p><p><blockquote>MSFT 的 Teams 平台可能是这个远程协作领域的有力竞争者。纳德拉表示，其用户数量同比几乎翻了一番，每天为 1.45 亿活跃用户提供服务。更重要的是，随着全球各地的员工回到办公室（字面意思），纳德拉指出团队使用扩大了。</blockquote></p><p></p><p> Teams is part of the company’s Productivity and Business Processes segment, which includes its legacy Office 365, Dynamics, and LinkedIn. Last quarter, it grew 15% year over year, delivering $13.55 billion in revenue, topping analyst estimates of $13.49 billion. Revenues were driven primarily by Office and LinkedIn.</p><p><blockquote>Teams 是该公司生产力和业务流程部门的一部分，该部门包括其传统的 Office 365、Dynamics 和 LinkedIn。上季度，该公司同比增长 15%，收入达到 135.5 亿美元，超过分析师预期的 134.9 亿美元。收入主要由Office和LinkedIn推动。</blockquote></p><p> Each component within this segment is worth paying attention to as MSFT reports FY Q4 results. As with every business, each component may have its own unique sensitivities to the current pandemic-tinged workspace. Though economies have begun to recover, the fog of uncertainty hasn’t quite lifted yet.</p><p><blockquote>在 MSFT 报告第四季度财报时，该细分市场中的每个组成部分都值得关注。与每个企业一样，每个组件可能对当前受疫情影响的工作空间有自己独特的敏感性。尽管经济已经开始复苏，但不确定性的迷雾尚未完全散去。</blockquote></p><p> <h2>A Major Gaming Developer And Distributor</h2> Even if you don’t have kids, you’re probably aware that Minecraft has become a best-seller among gamers young and old. Its developer, Mojang, was just one of MSFT’s gaming acquisitions, making the company a viable contender in the market of gaming consoles, game development, and game distribution.</p><p><blockquote><h2>主要游戏开发商和分销商</h2>即使你没有孩子，你也可能知道《我的世界》已经成为老少游戏玩家的畅销书。其开发商 Mojang 只是 MSFT 收购的游戏公司之一，这使得该公司成为游戏机、游戏开发和游戏发行市场的有力竞争者。</blockquote></p><p> Last quarter, the company acquired ZeniMax Media, which developed “20 of the world’s most iconic and beloved games accessible via Game Pass,” Nadella said, promising “more to come.” MSFT’s Xbox hardware revenue grew 232% year over year, according to CFO Amy Hood. And Xbox content revenue, including the ZeniMax Media acquisition, grew 34% in the same period.</p><p><blockquote>纳德拉说，上个季度，该公司收购了 ZeniMax Media，后者开发了 “20 款世界上最具标志性和最受欢迎的游戏，可通过 Game Pass 访问”，并承诺 “未来还会有更多游戏”。据 MSFT 首席财务官 Amy Hood 称，MSFT 的 Xbox 硬件收入同比增长 232%。Xbox 内容收入（包括收购 ZeniMax Media）同期增长了 34%。</blockquote></p><p> Maybe investors will get a better sense of what “more to come” might mean when MSFT reports Tuesday.</p><p><blockquote>也许当 MSFT 周二发布报告时，投资者会更好地理解 “更多未来 ”可能意味着什么。</blockquote></p><p> <h2>From Next-Gen Legacy Applications To Next-Gen Markets</h2> The secret sauce behind MSFT’s rejuvenation and expansion is arguably Nadella’s vision to infuse “legacy” services with next-gen applications (like Azure) while making forays into next-gen markets like its HoloLens augmented reality headset (currently being tested by the US military and soon to be developed for commercial use).</p><p><blockquote><h2>从下一代传统应用到下一代市场</h2>MSFT 复兴和扩张背后的秘诀可以说是纳德拉的愿景，即在 “传统 ”服务中注入下一代应用程序（如 Azure），同时进军下一代市场，如其 HoloLens 增强现实耳机（目前正在接受美国军方测试，不久将开发用于商业用途）。</blockquote></p><p> What this could tell us is that the company may not be at risk of falling behind a curve that it’s actively disrupting and displacing.</p><p><blockquote>这告诉我们的是，该公司可能不会有落后于它正在积极破坏和取代的曲线的风险。</blockquote></p><p> Last quarter, MSFT topped analyst estimates (according to Refinitiv), delivering $1.95 adjusted earnings per share versus $1.78 expected; and generating $41.71 billion in revenue above consensus estimates of $41.03 billion.</p><p><blockquote>上季度，MSFT 超出了分析师的预期（根据 Refinitiv 的数据），调整后每股收益为 1.95 美元，而预期为 1.78 美元；产生 417.1 亿美元的收入，高于市场普遍预期的 410.3 亿美元。</blockquote></p><p> Looking ahead to the results due Tuesday, CFO Amy Hood forecast between $13.8 and $14.05 billion in revenue for the Productivity and Business Processes segment; $16.20 and $16.45 billion for Intelligent Cloud; and between $13.6 billion and $14 billion for MSFT’s Personal Computing segment.</p><p><blockquote>展望周二公布的业绩，首席财务官 Amy Hood 预测生产力和业务流程部门的收入将在 138 亿美元至 140.5 亿美元之间；智能云16.2亿美元和164.5亿美元；MSFT 个人计算部门的收入在 136 亿至 140 亿美元之间。</blockquote></p><p> That amounts to revenue guidance of $43.6 billion to $44.5 billion for fiscal Q4, currently above Refinitiv-polled analyst estimates of $42.98 billion.</p><p><blockquote>这相当于第四财季 436 亿至 445 亿美元的收入指导，目前高于 Refinitiv 调查的分析师预期的 429.8 亿美元。</blockquote></p><p> <h2>Microsoft Earnings And Options Activity</h2> MSFT is expected to report <b>adjusted EPS of $1.92</b>, up from $1.46 in the prior-year quarter, according to third-party consensus analyst estimates. <b>Revenue is projected at $44.1 billion</b>, up 16% from a year ago.</p><p><blockquote><h2>微软收益和期权活动</h2>MSFT 预计将报告<b>调整后每股收益为 1.92 美元</b>根据第三方共识分析师的估计，高于去年同期的 1.46 美元。<b>收入预计为 441 亿美元</b>同比增长16%。</blockquote></p><p> Options traders have priced in an expected share price move of 1.5% in either direction around the earnings release. The implied volatility sits at the 16th percentile as of Monday morning.</p><p><blockquote>期权交易员预计财报发布前后，股价双向波动 1.5%。截至周一上午，隐含波动率处于第 16 个百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 297.50 and 300 strikes while puts have been active at the 272.5 strike.</p><p><blockquote>从 7 月 30 日期权到期日来看，看涨期权活动分布在 297.50 和 300 点，活跃度较高，而看跌期权在 272.5 点一直活跃。</blockquote></p><p></p>","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>Microsoft Focuses Aggressively On Cloud Ahead Of Fiscal Q4 Earnings Report<blockquote>微软在第四财季收益报告发布前积极关注云计算</blockquote></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\">\nMicrosoft Focuses Aggressively On Cloud Ahead Of Fiscal Q4 Earnings Report<blockquote>微软在第四财季收益报告发布前积极关注云计算</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-07-27 10:33</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Microsoft </b>(NASDAQ:MSFT) shook the heavens of commerce and capital when it shattered the $2 trillion market cap barrier last month.</p><p><blockquote><b>微软</b>（纳斯达克股票代码：MSFT）上个月突破 2 万亿美元市值大关，震惊了商业和资本的天堂。</blockquote></p><p> The software giant is now <a href=\"https://laohu8.com/S/AONE.U\">one</a> of only two companies in the world—the other being<b> Apple</b> (NASDAQ:AAPL)—to boast a $2 trillion market cap, and one of only five companies across the globe, the other three being Saudi Aramco,<b> Amazon</b> (NASDAQ:AMZN), and <b>Alphabet</b> (NASDAQ:GOOG), to be part of the trillionaire club.</p><p><blockquote>这家软件巨头现在<a href=\"https://laohu8.com/S/AONE.U\">一</a>世界上只有两家公司——另一家是<b>苹果</b>（纳斯达克股票代码：AAPL）——拥有 2 万亿美元的市值，是全球仅有的五家公司之一，其他三家是沙特阿美公司，<b>亚马逊</b>（纳斯达克股票代码：AMZN），以及<b>Alphabet</b>（纳斯达克股票代码：GOOG），成为万亿富翁俱乐部的一员。</blockquote></p><p> Since CEO Satya Nadella took the helm in 2014, MSFT’s share price is up more than 600%. After reaching $500 billion in market cap in 2017, it took only two years to double to $1 trillion and then two more years to double again to $2 trillion. The next trillion, if we get there, is now only half the distance away.</p><p><blockquote>自 2014 年首席执行官萨蒂亚-纳德拉（Satya Nadella）上任以来，MSFT 的股价已经上涨了 600% 以上。2017年市值达到5000亿美元后，仅用了两年时间就翻了一番，达到1万亿美元，然后又用了两年时间再次翻了一番，达到2万亿美元。如果我们到达那里，下一个万亿现在只有一半的距离了。</blockquote></p><p> MSFT is expected to report fiscal Q4 earnings on Tuesday after markets close.</p><p><blockquote>MSFT 预计将于周二收盘后公布第四财季收益。</blockquote></p><p> When you look at MSFT from a 40,000-foot view, it seems pretty clear that the company has reinvented itself several times since taking root in software. Now a multi-industry behemoth weaving itself across the entire digital domain from ground to digital sky, MSFT arguably has become virtually omnipresent.</p><p><blockquote>当你从40,000英尺的高空观察MSFT时，很明显，该公司自扎根软件以来已经多次重塑了自己。现在，MSFT是一个跨行业的庞然大物，横跨从地面到数字天空的整个数字领域，可以说已经变得几乎无处不在。</blockquote></p><p> And its recent market-cap surge reflects the opportunities it saw and seized: investing in cloud computing, developing virtual chat and collaboration tech, expanding into the video game market, and satiating its large appetite for acquisitions.</p><p><blockquote>其最近的市值飙升反映了其看到并抓住的机会：投资云计算、开发虚拟聊天和协作技术、扩展到视频游戏市场以及满足其巨大的收购胃口。</blockquote></p><p> Before looking at some of the segments, it’s important to note that MSFT has beaten Wall Street’s consensus on earnings and revenue each of the last four quarters. Accelerating business IT spending could help bring another strong quarterly result this time around, analysts told Barron’s recently.</p><p><blockquote>在研究某些细分市场之前，需要注意的是，在过去四个季度中，MSFT 的盈利和收入都超过了华尔街的共识。分析师最近告诉《巴伦周刊》，加速企业 IT 支出可能有助于这次带来另一个强劲的季度业绩。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://tickertapecdn.tdameritrade.com/assets/images/pages/md/microsoft-earnings.jpg\" tg-width=\"1822\" tg-height=\"951\" referrerpolicy=\"no-referrer\"><span>FIGURE 1: LIFTED BY THE CLOUD. Microsoft’s stock (MSFT—candlestick) has, for the most part, been in line with the Nasdaq-100 Index (NDX—purple line). The stock has been trending higher since Sept. 2020. Will MSFT’s trend continue when it releases its quarterly earnings? Data source: Nasdaq. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：被云举起。微软的股票（MSFT-烛台）在很大程度上与纳斯达克 100 指数（NDX-紫线）一致。自2020年9月以来，该股一直呈上涨趋势。MSFT 发布季度财报时，这种趋势会继续下去吗？数据来源：纳斯达克。图表来源：The thinkorswim®平台。仅用于说明目的。过去的表现并不能保证未来的结果。</span></p></blockquote></p><p> <h2>Microsoft’s Cloud Stack May Emerge As Its Largest Business Segment</h2> Opening last quarter’s earnings conference call, CEO Nadella set the tone with his usual forecast in grand style: “Digital technology will be the foundation for resilience and growth over the next decade. We are innovating and building the cloud stack to accelerate the digital capability of every organization on the planet.”</p><p><blockquote><h2>微软的云堆栈可能成为其最大的业务部门</h2>在上一季度的财报电话会议上，首席执行官纳德拉以他一贯的宏大预测定下了基调： “数字技术将是未来十年韧性和增长的基础。我们正在创新和构建云堆栈，以加速地球上每个组织的数字化能力”。</blockquote></p><p> The cloud space is a narrow and highly contentious arena where you have only three major competitors. According to a report by Canalys, as of April 2021, AMZN’s AWS occupies the top spot with a 32% market share. MSFT’s Azure comes in at a close second with 19%. And GOOGL’s Google Cloud is third with a smaller yet rapidly expanding 7% share.</p><p><blockquote>云空间是一个狭窄且竞争激烈的竞技场，在这里你只有三个主要的竞争对手。根据 Canalys 的报告，截至 2021 年 4 月，AMZN 的 AWS 以 32% 的市场份额占据榜首。MSFT 的 Azure 以 19% 紧随其后。GOOGL的谷歌云以规模较小但迅速扩大的 7% 的份额位居第三。</blockquote></p><p> Still, growth in global cloud services may expand by a compound annual growth rate of 17.5% by 2025, according to third-party analysts. The difference in dollar terms would mean a whopping $832 billion market by then vs. $371.4 billion in 2020.</p><p><blockquote>尽管如此，据第三方分析师称，到2025年，全球云服务的增长可能会以17.5%的复合年增长率扩大。以美元计算，这一差异意味着届时市场规模将达到 8320 亿美元，而 2020 年市场规模将达到 3714 亿美元。</blockquote></p><p> Last quarter, MSFT’s Intelligent Cloud segment, which includes Azure, raked in $15.12 billion in revenue—23% growth year over year and well above analysts’ estimates of $14.92 billion, according to FactSet.</p><p><blockquote>根据 FactSet 的数据，上一季度，包括 Azure 在内的 MSFT 智能云部门的收入为 151.2 亿美元，同比增长 23%，远高于分析师预期的 149.2 亿美元。</blockquote></p><p> The company is pushing its cloud growth aggressively, as it has “more data center regions than any other provider,” according to Nadella, in addition to expanding into new regions across Asia and the US.</p><p><blockquote>纳德拉表示，除了向亚洲和美国的新地区扩张外，该公司还在积极推进云计算业务，因为它拥有 “比任何其他提供商都多的数据中心区域”。</blockquote></p><p> Given the gap between MSFT’s current cloud position (19% global market share) and its ambitions to dominate every organizational cloud space “on the planet,” you might want to pay attention to its Intelligent Cloud results.</p><p><blockquote>鉴于 MSFT 目前的云计算地位（19% 的全球市场份额）与其主导 “地球上 ”每一个组织云空间的雄心之间的差距，您不妨关注一下其智能云的成果。</blockquote></p><p> <h2>New Hybrid Work Environment Demands A New Model</h2> Let’s assume that the Covid Year of 2020 changed the way employees and companies value mobility versus the fixed cubicle. And with the pandemic seemingly behind us yet threatening an enhanced reprise, you’ve got to think many businesses might want the “productivity insurance” of a hybrid distance-collaboration platform. At least that’s what MSFT is probably hoping.</p><p><blockquote><h2>新的混合工作环境需要新的模式</h2>假设 2020 年的 Covid 改变了员工和公司对流动性与固定隔间的看法。大流行病似乎已经过去，但又有可能卷土重来，你不得不想到，许多企业可能都希望获得混合远程协作平台的 “生产力保险”。至少 MSFT 可能是这么希望的。</blockquote></p><p> MSFT’s Teams platform could be a strong contender in this arena of distance collaboration. Its users nearly doubled year over year, according to Nadella, servicing 145 million active users a day. More importantly, with workers across the globe heading back to the office (literally), Nadella noted that Team usage expanded.</p><p><blockquote>MSFT 的 Teams 平台可能是这个远程协作领域的有力竞争者。纳德拉表示，其用户数量同比几乎翻了一番，每天为 1.45 亿活跃用户提供服务。更重要的是，随着全球各地的员工回到办公室（字面意思），纳德拉指出团队使用扩大了。</blockquote></p><p></p><p> Teams is part of the company’s Productivity and Business Processes segment, which includes its legacy Office 365, Dynamics, and LinkedIn. Last quarter, it grew 15% year over year, delivering $13.55 billion in revenue, topping analyst estimates of $13.49 billion. Revenues were driven primarily by Office and LinkedIn.</p><p><blockquote>Teams 是该公司生产力和业务流程部门的一部分，该部门包括其传统的 Office 365、Dynamics 和 LinkedIn。上季度，该公司同比增长 15%，收入达到 135.5 亿美元，超过分析师预期的 134.9 亿美元。收入主要由Office和LinkedIn推动。</blockquote></p><p> Each component within this segment is worth paying attention to as MSFT reports FY Q4 results. As with every business, each component may have its own unique sensitivities to the current pandemic-tinged workspace. Though economies have begun to recover, the fog of uncertainty hasn’t quite lifted yet.</p><p><blockquote>在 MSFT 报告第四季度财报时，该细分市场中的每个组成部分都值得关注。与每个企业一样，每个组件可能对当前受疫情影响的工作空间有自己独特的敏感性。尽管经济已经开始复苏，但不确定性的迷雾尚未完全散去。</blockquote></p><p> <h2>A Major Gaming Developer And Distributor</h2> Even if you don’t have kids, you’re probably aware that Minecraft has become a best-seller among gamers young and old. Its developer, Mojang, was just one of MSFT’s gaming acquisitions, making the company a viable contender in the market of gaming consoles, game development, and game distribution.</p><p><blockquote><h2>主要游戏开发商和分销商</h2>即使你没有孩子，你也可能知道《我的世界》已经成为老少游戏玩家的畅销书。其开发商 Mojang 只是 MSFT 收购的游戏公司之一，这使得该公司成为游戏机、游戏开发和游戏发行市场的有力竞争者。</blockquote></p><p> Last quarter, the company acquired ZeniMax Media, which developed “20 of the world’s most iconic and beloved games accessible via Game Pass,” Nadella said, promising “more to come.” MSFT’s Xbox hardware revenue grew 232% year over year, according to CFO Amy Hood. And Xbox content revenue, including the ZeniMax Media acquisition, grew 34% in the same period.</p><p><blockquote>纳德拉说，上个季度，该公司收购了 ZeniMax Media，后者开发了 “20 款世界上最具标志性和最受欢迎的游戏，可通过 Game Pass 访问”，并承诺 “未来还会有更多游戏”。据 MSFT 首席财务官 Amy Hood 称，MSFT 的 Xbox 硬件收入同比增长 232%。Xbox 内容收入（包括收购 ZeniMax Media）同期增长了 34%。</blockquote></p><p> Maybe investors will get a better sense of what “more to come” might mean when MSFT reports Tuesday.</p><p><blockquote>也许当 MSFT 周二发布报告时，投资者会更好地理解 “更多未来 ”可能意味着什么。</blockquote></p><p> <h2>From Next-Gen Legacy Applications To Next-Gen Markets</h2> The secret sauce behind MSFT’s rejuvenation and expansion is arguably Nadella’s vision to infuse “legacy” services with next-gen applications (like Azure) while making forays into next-gen markets like its HoloLens augmented reality headset (currently being tested by the US military and soon to be developed for commercial use).</p><p><blockquote><h2>从下一代传统应用到下一代市场</h2>MSFT 复兴和扩张背后的秘诀可以说是纳德拉的愿景，即在 “传统 ”服务中注入下一代应用程序（如 Azure），同时进军下一代市场，如其 HoloLens 增强现实耳机（目前正在接受美国军方测试，不久将开发用于商业用途）。</blockquote></p><p> What this could tell us is that the company may not be at risk of falling behind a curve that it’s actively disrupting and displacing.</p><p><blockquote>这告诉我们的是，该公司可能不会有落后于它正在积极破坏和取代的曲线的风险。</blockquote></p><p> Last quarter, MSFT topped analyst estimates (according to Refinitiv), delivering $1.95 adjusted earnings per share versus $1.78 expected; and generating $41.71 billion in revenue above consensus estimates of $41.03 billion.</p><p><blockquote>上季度，MSFT 超出了分析师的预期（根据 Refinitiv 的数据），调整后每股收益为 1.95 美元，而预期为 1.78 美元；产生 417.1 亿美元的收入，高于市场普遍预期的 410.3 亿美元。</blockquote></p><p> Looking ahead to the results due Tuesday, CFO Amy Hood forecast between $13.8 and $14.05 billion in revenue for the Productivity and Business Processes segment; $16.20 and $16.45 billion for Intelligent Cloud; and between $13.6 billion and $14 billion for MSFT’s Personal Computing segment.</p><p><blockquote>展望周二公布的业绩，首席财务官 Amy Hood 预测生产力和业务流程部门的收入将在 138 亿美元至 140.5 亿美元之间；智能云16.2亿美元和164.5亿美元；MSFT 个人计算部门的收入在 136 亿至 140 亿美元之间。</blockquote></p><p> That amounts to revenue guidance of $43.6 billion to $44.5 billion for fiscal Q4, currently above Refinitiv-polled analyst estimates of $42.98 billion.</p><p><blockquote>这相当于第四财季 436 亿至 445 亿美元的收入指导，目前高于 Refinitiv 调查的分析师预期的 429.8 亿美元。</blockquote></p><p> <h2>Microsoft Earnings And Options Activity</h2> MSFT is expected to report <b>adjusted EPS of $1.92</b>, up from $1.46 in the prior-year quarter, according to third-party consensus analyst estimates. <b>Revenue is projected at $44.1 billion</b>, up 16% from a year ago.</p><p><blockquote><h2>微软收益和期权活动</h2>MSFT 预计将报告<b>调整后每股收益为 1.92 美元</b>根据第三方共识分析师的估计，高于去年同期的 1.46 美元。<b>收入预计为 441 亿美元</b>同比增长16%。</blockquote></p><p> Options traders have priced in an expected share price move of 1.5% in either direction around the earnings release. The implied volatility sits at the 16th percentile as of Monday morning.</p><p><blockquote>期权交易员预计财报发布前后，股价双向波动 1.5%。截至周一上午，隐含波动率处于第 16 个百分位。</blockquote></p><p> Looking at the July 30 options expiration, call activity is spread out with higher activity at the 297.50 and 300 strikes while puts have been active at the 272.5 strike.</p><p><blockquote>从 7 月 30 日期权到期日来看，看涨期权活动分布在 297.50 和 300 点，活跃度较高，而看跌期权在 272.5 点一直活跃。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","AAPL":"苹果","AMZN":"亚马逊","MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154645329","content_text":"Microsoft (NASDAQ:MSFT) shook the heavens of commerce and capital when it shattered the $2 trillion market cap barrier last month.\nThe software giant is now one of only two companies in the world—the other being Apple (NASDAQ:AAPL)—to boast a $2 trillion market cap, and one of only five companies across the globe, the other three being Saudi Aramco, Amazon (NASDAQ:AMZN), and Alphabet (NASDAQ:GOOG), to be part of the trillionaire club.\nSince CEO Satya Nadella took the helm in 2014, MSFT’s share price is up more than 600%. After reaching $500 billion in market cap in 2017, it took only two years to double to $1 trillion and then two more years to double again to $2 trillion. The next trillion, if we get there, is now only half the distance away.\nMSFT is expected to report fiscal Q4 earnings on Tuesday after markets close.\nWhen you look at MSFT from a 40,000-foot view, it seems pretty clear that the company has reinvented itself several times since taking root in software. Now a multi-industry behemoth weaving itself across the entire digital domain from ground to digital sky, MSFT arguably has become virtually omnipresent.\nAnd its recent market-cap surge reflects the opportunities it saw and seized: investing in cloud computing, developing virtual chat and collaboration tech, expanding into the video game market, and satiating its large appetite for acquisitions.\nBefore looking at some of the segments, it’s important to note that MSFT has beaten Wall Street’s consensus on earnings and revenue each of the last four quarters. Accelerating business IT spending could help bring another strong quarterly result this time around, analysts told Barron’s recently.\nFIGURE 1: LIFTED BY THE CLOUD. Microsoft’s stock (MSFT—candlestick) has, for the most part, been in line with the Nasdaq-100 Index (NDX—purple line). The stock has been trending higher since Sept. 2020. Will MSFT’s trend continue when it releases its quarterly earnings? Data source: Nasdaq. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.\nMicrosoft’s Cloud Stack May Emerge As Its Largest Business Segment\nOpening last quarter’s earnings conference call, CEO Nadella set the tone with his usual forecast in grand style: “Digital technology will be the foundation for resilience and growth over the next decade. We are innovating and building the cloud stack to accelerate the digital capability of every organization on the planet.”\nThe cloud space is a narrow and highly contentious arena where you have only three major competitors. According to a report by Canalys, as of April 2021, AMZN’s AWS occupies the top spot with a 32% market share. MSFT’s Azure comes in at a close second with 19%. And GOOGL’s Google Cloud is third with a smaller yet rapidly expanding 7% share.\nStill, growth in global cloud services may expand by a compound annual growth rate of 17.5% by 2025, according to third-party analysts. The difference in dollar terms would mean a whopping $832 billion market by then vs. $371.4 billion in 2020.\nLast quarter, MSFT’s Intelligent Cloud segment, which includes Azure, raked in $15.12 billion in revenue—23% growth year over year and well above analysts’ estimates of $14.92 billion, according to FactSet.\nThe company is pushing its cloud growth aggressively, as it has “more data center regions than any other provider,” according to Nadella, in addition to expanding into new regions across Asia and the US.\nGiven the gap between MSFT’s current cloud position (19% global market share) and its ambitions to dominate every organizational cloud space “on the planet,” you might want to pay attention to its Intelligent Cloud results.\nNew Hybrid Work Environment Demands A New Model\nLet’s assume that the Covid Year of 2020 changed the way employees and companies value mobility versus the fixed cubicle. And with the pandemic seemingly behind us yet threatening an enhanced reprise, you’ve got to think many businesses might want the “productivity insurance” of a hybrid distance-collaboration platform. At least that’s what MSFT is probably hoping.\nMSFT’s Teams platform could be a strong contender in this arena of distance collaboration. Its users nearly doubled year over year, according to Nadella, servicing 145 million active users a day. More importantly, with workers across the globe heading back to the office (literally), Nadella noted that Team usage expanded.\nTeams is part of the company’s Productivity and Business Processes segment, which includes its legacy Office 365, Dynamics, and LinkedIn. Last quarter, it grew 15% year over year, delivering $13.55 billion in revenue, topping analyst estimates of $13.49 billion. Revenues were driven primarily by Office and LinkedIn.\nEach component within this segment is worth paying attention to as MSFT reports FY Q4 results. As with every business, each component may have its own unique sensitivities to the current pandemic-tinged workspace. Though economies have begun to recover, the fog of uncertainty hasn’t quite lifted yet.\nA Major Gaming Developer And Distributor\nEven if you don’t have kids, you’re probably aware that Minecraft has become a best-seller among gamers young and old. Its developer, Mojang, was just one of MSFT’s gaming acquisitions, making the company a viable contender in the market of gaming consoles, game development, and game distribution.\nLast quarter, the company acquired ZeniMax Media, which developed “20 of the world’s most iconic and beloved games accessible via Game Pass,” Nadella said, promising “more to come.” MSFT’s Xbox hardware revenue grew 232% year over year, according to CFO Amy Hood. And Xbox content revenue, including the ZeniMax Media acquisition, grew 34% in the same period.\nMaybe investors will get a better sense of what “more to come” might mean when MSFT reports Tuesday.\nFrom Next-Gen Legacy Applications To Next-Gen Markets\nThe secret sauce behind MSFT’s rejuvenation and expansion is arguably Nadella’s vision to infuse “legacy” services with next-gen applications (like Azure) while making forays into next-gen markets like its HoloLens augmented reality headset (currently being tested by the US military and soon to be developed for commercial use).\nWhat this could tell us is that the company may not be at risk of falling behind a curve that it’s actively disrupting and displacing.\nLast quarter, MSFT topped analyst estimates (according to Refinitiv), delivering $1.95 adjusted earnings per share versus $1.78 expected; and generating $41.71 billion in revenue above consensus estimates of $41.03 billion.\nLooking ahead to the results due Tuesday, CFO Amy Hood forecast between $13.8 and $14.05 billion in revenue for the Productivity and Business Processes segment; $16.20 and $16.45 billion for Intelligent Cloud; and between $13.6 billion and $14 billion for MSFT’s Personal Computing segment.\nThat amounts to revenue guidance of $43.6 billion to $44.5 billion for fiscal Q4, currently above Refinitiv-polled analyst estimates of $42.98 billion.\nMicrosoft Earnings And Options Activity\nMSFT is expected to report adjusted EPS of $1.92, up from $1.46 in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $44.1 billion, up 16% from a year ago.\nOptions traders have priced in an expected share price move of 1.5% in either direction around the earnings release. The implied volatility sits at the 16th percentile as of Monday morning.\nLooking at the July 30 options expiration, call activity is spread out with higher activity at the 297.50 and 300 strikes while puts have been active at the 272.5 strike.","news_type":1,"symbols_score_info":{"MSFT":0.9,"AAPL":0.9,"GOOG":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":920,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"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":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/809125941"}
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