2024-04-25 Microsoft Corporation (MSFT) Q3 2024 Earnings Call Transcript
Microsoft Corporation (NASDAQ:MSFT) Q3 2024 Earnings Conference Call April 25, 2024 5:30 PM ET
微软公司（纳斯达克股票代码：MSFT）2024 年第三季度收益电话会议 2024 年 4 月 25 日 下午 5:30 ET
Company Participants 公司参与者
Brett Iversen – Vice President-Investor Relations
布雷特·艾弗森 - 副总裁-投资者关系
Satya Nadella – Chairman and Chief Executive Officer
萨蒂亚·纳德拉 - 主席兼首席执行官
Amy Hood – Chief Financial Officer
艾米·胡德 - 首席财务官
Conference Call Participants
电话会议参与者
Keith Weiss – Morgan Stanley
基思·韦斯 - 摩根士丹利
Brent Thill – Jefferies
布伦特·希尔 - 杰弗里斯
Mark Moerdler – Bernstein Research
马克·默德勒 - 伯恩斯坦研究
Karl Keirstead – UBS
卡尔·基尔斯特德 - 瑞银 UBS
Raimo Lenschow – Barclays
莱莫·伦肖 - 巴克莱
Michael Turrin – Wells Fargo
迈克尔·特林 - 富国银行
Kirk Materne – Evercore ISI
柯克·马特恩 - Evercore ISI
Alex Zukin – Wolfe Research
亚历克斯·祖金 - 沃尔夫研究
Operator 操作员
Greetings and welcome to the Microsoft Fiscal Year 2024 Third Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
问候并欢迎参加微软 2024 财年第三季度收益电话会议。此时所有参与者都处于听取模式。正式演示后将进行问答环节。【操作员指示】提醒一下，此电话会议正在录音。
I would now like to turn the conference over to your host, Brett Iversen, Vice President of Investor Relations.
我现在想把会议交给您的主持人，投资者关系副总裁布雷特·艾弗森。
Brett Iversen 布雷特·艾弗森
Good afternoon and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Corporate Secretary and Deputy General Counsel. On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures.
下午好，感谢您今天的参与。与我一起通话的有萨蒂亚·纳德拉，董事长兼首席执行官；艾米·胡德，首席财务官；爱丽丝·乔拉，首席会计官；以及基思·多利弗，公司秘书兼副总法律顾问。在微软投资者关系网站上，您可以找到我们的收益新闻稿和财务摘要幻灯片，这些内容旨在补充我们今天通话期间的准备好的发言，并提供通用会计准则和非通用会计准则财务指标之间的差异调和。
More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call. On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's third quarter performance in addition to the impact these items and events have on the financial results.
在今天的电话会议上，我们将提供更详细的展望幻灯片，这些幻灯片将在微软投资者关系网站上提供。在本次通话中，我们将讨论某些非 GAAP 项目。所提供的非 GAAP 财务指标不应被视为或优于根据 GAAP 编制的财务绩效指标的替代品。它们作为额外的澄清项目包括在内，以帮助投资者进一步了解公司第三季度的表现，以及这些项目和事件对财务结果的影响。
All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only. We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.
今天我们在电话中进行的所有增长比较都与去年同期相关，除非另有说明。我们还将在可用时提供恒定货币下的增长率，作为评估我们基础业务表现的框架，排除外汇汇率波动的影响。在恒定货币下增长率相同的情况下，我们将仅提到增长率。我们将在电话结束后立即将我们的准备好的讲话发布到我们的网站上，直到完整的成绩单可用。今天的电话会议正在现场网络直播和录制。如果您提出问题，它将包含在我们的现场传输中，在成绩单中以及在任何未来使用录音的情况下。您可以在微软投资者关系网站上重播电话并查看成绩单。
During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
在这次通话中，我们将发表前瞻性声明，这些声明是关于未来事件的预测、投影或其他声明。这些声明基于当前的期望和假设，受到风险和不确定性的影响。实际结果可能会有重大差异，因为今天发布的收益新闻稿中讨论的因素，在本次电话会议中发表的评论以及我们的 10-K 表格、10-Q 表格和其他与证券交易委员会的报告和申报书中的风险因素部分中讨论的因素。我们不承担更新任何前瞻性声明的责任。
And with that, I'll turn the call over to Satya.
随着这个，我将把电话交给萨蒂亚。
Satya Nadella 萨蒂亚·纳德拉
Thank you, Brett. It was a record third quarter, powered by the continued strength of the Microsoft Cloud, which surpassed $35 billion in revenue, up 23%. Microsoft Copilot and Copilot stack, spanning everyday productivity, business process, and developer services, to models, data, and infrastructure, are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry.
谢谢，布雷特。这是一个创纪录的第三季度，得益于微软云持续的强劲势头，收入超过 350 亿美元，增长 23%。微软 Copilot 和 Copilot 堆栈，涵盖日常生产力、业务流程和开发者服务，到模型、数据和基础设施，正在引领人工智能转型的新时代，推动各个角色和行业取得更好的业务成果。
Now, I’ll highlight examples, walking up the stack, starting with AI infrastructure. Azure again took share, as customers use our platforms and tools to build their own AI solutions. We offer the most diverse selection of AI accelerators, including the latest from NVIDIA, AMD, as well as our own first-party silicon. Our AI innovation continues to build on our strategic partnership with OpenAI. More than 65% of the Fortune 500 now use Azure OpenAI Service. We also continue to innovate and partner broadly to bring customers the best selection of frontier models and open source models, LLMs and SLMs. With Phi-3, which we announced earlier this week, we offer the most capable and cost-effective SLM available. It’s already being trialed by companies like CallMiner, LTIMindtree, PwC, and TCS. Our Models as a Service offering makes it easy for developers to use LLMs and SLMs without having to manage any underlying infrastructure.
现在，我将举例说明，从 AI 基础设施开始。Azure 再次占据份额，因为客户使用我们的平台和工具构建自己的 AI 解决方案。我们提供最多样化的 AI 加速器选择，包括来自 NVIDIA、AMD 的最新产品，以及我们自己的第一方硅片。我们的 AI 创新继续建立在与 OpenAI 的战略合作伙伴关系之上。现在，超过 65%的财富 500 强公司使用 Azure OpenAI 服务。我们还继续创新并广泛合作，为客户提供最佳的前沿模型和开源模型选择，以及 SLMs。通过我们本周早些时候宣布的 Phi-3，我们提供了最具能力和成本效益的 SLM。它已经被 CallMiner、LTIMindtree、PwC 和 TCS 等公司试用。我们的模型即服务提供使开发人员可以轻松使用和 SLMs，而无需管理任何基础设施。
Hundreds of paid customers, from Accenture and EY, to Schneider Electric, are using it to take advantage of API access to third-party models, including as of this quarter the latest from Cohere, Meta, and Mistral. And, as part of a partnership announced last week, G42 will run its AI applications and services on our cloud. All-up, the number of Azure AI customers continues to grow and average spend continues to increase. We also saw an acceleration of revenue from migrations to Azure. Azure Arc continues to help customers like DICK'S Sporting Goods and World Bank streamline their cloud migrations.
数百名付费客户，从埃森哲和安永到施耐德电气，都在利用 API 访问第三方模型，包括本季度最新的来自 Cohere、Meta 和 Mistral。并且，作为上周宣布的合作伙伴关系的一部分，G42 将在我们的云上运行其 AI 应用程序和服务。总体而言，Azure AI 客户数量持续增长，平均支出也在增加。我们还看到从迁移到 Azure 的收入加速增长。Azure Arc 继续帮助像迪克体育用品和世界银行这样的客户简化其云迁移。
Arc now has 33,000 customers, up over 2X year-over-year. And, we are the hyperscale platform of choice for SAP and Oracle workloads, with Conduent and Medline moving their on-premises Oracle estates to Azure, and Kyndryl and L'Oreal migrating their SAP workloads to Azure. Overall, we are seeing an acceleration in the number of large Azure deals from leaders across industries, including billion dollar plus multi-year commitments announced this month from Cloud Software Group and The Coca-Cola Company. The number of $100 million plus Azure deals increased over 80% year-over-year, while the number of $10 million plus deals more than doubled.
Arc 现在拥有 33,000 名客户，同比增长超过 2 倍。而且，我们是 SAP 和 Oracle 工作负载的超大规模平台首选，Conduent 和 Medline 将他们的本地 Oracle 资产迁移到 Azure，Kyndryl 和 L'Oreal 将他们的 SAP 工作负载迁移到 Azure。总体而言，我们看到各行业领导者之间的大型 Azure 交易数量加速增长，包括本月 Cloud Software Group 和可口可乐公司宣布的数十亿美元的多年承诺。10 亿美元以上的 Azure 交易数量同比增长超过 80％，而 1 亿美元以上的交易数量增长超过一倍。
Now, on to data and analytics. Our Microsoft Intelligent Data Platform provides customers with the broadest capabilities spanning databases, analytics, business intelligence, governance, and AI.
现在，让我们来谈谈数据和分析。我们的微软智能数据平台为客户提供了最广泛的能力，涵盖数据库、分析、商业智能、治理和人工智能。
Over half of our Azure AI customers also use our data and analytics tools. Customers are building intelligent applications running on Azure, PostgreSQL and Cosmos DB with deep integrations with Azure AI. TomTom is a great example. They’ve used Cosmos DB along with Azure Open AI service to build their own immersive in-car infotainment system. We are also encouraged by our momentum with our next-generation analytics platform, Microsoft Fabric.
超过一半的 Azure AI 客户也使用我们的数据和分析工具。客户正在构建在 Azure、PostgreSQL 和 Cosmos DB 上运行的智能应用程序，并与 Azure AI 深度集成。TomTom 是一个很好的例子。他们使用了 Cosmos DB 以及 Azure Open AI 服务来构建自己的沉浸式汽车信息娱乐系统。我们也对我们的下一代分析平台 Microsoft Fabric 的发展势头感到鼓舞。
Fabric now has over 11,000 paid customers, including leaders in every industry from ABB, EDP, Energy Transfer to Equinor, Foot Locker, ITOCHU and Lumen, and we are seeing increased usage intensity. Fabric is seamlessly integrated with Azure AI Studio, meaning customers can run models against enterprise data that’s consolidated in Fabric’s multi-cloud data lake, OneLake. And Power BI, which is also natively integrated with Fabric provides business users with AI-powered insights. We now have over 350,000 paid customers.
Fabric 现在拥有超过 11,000 名付费客户，包括 ABB、EDP、Energy Transfer、Equinor、Foot Locker、ITOCHU 和 Lumen 等各行各业的领导者，我们看到使用强度增加。Fabric 与 Azure AI Studio 无缝集成，意味着客户可以针对集成在 Fabric 的多云数据湖 OneLake 中的企业数据运行模型。同时，与 Fabric 本地集成的 Power BI 为业务用户提供了 AI 驱动的洞见。我们现在拥有超过 350,000 名付费客户。
Now on to developers. GitHub Copilot is bending the productivity curve for developers. We now have 1.8 million paid subscribers with growth accelerating to over 35% quarter-over-quarter and continues to see increased adoption from businesses in every industry, including Itau, Lufthansa Systems, Nokia, Pinterest and Volvo cars. CoPilot is driving growth across the broader GitHub platform, too. AT&T, Citi Group and Honeywell all increased their overall GitHub usage after seeing productivity and code quality increases with CoPilot. All up more than 90% of the Fortune 100 are now GitHub customers and revenue accelerated over 45% year-over-year.
现在转向开发人员。GitHub Copilot 正在改变开发人员的生产力曲线。我们现在拥有 180 万付费订阅用户，增长率加速到每季度超过 35%，并继续看到来自各行各业企业的增加采用，包括 Itau、Lufthansa Systems、Nokia、Pinterest 和 Volvo 汽车。CoPilot 也在推动 GitHub 平台的整体增长。在看到 CoPilot 提高生产力和代码质量后，AT&T、花旗集团和霍尼韦尔都增加了他们的 GitHub 使用率。现在，超过 90%的财富 100 强公司都是 GitHub 的客户，收入同比增长超过 45%。
AI首先提升软件开发的效率，这是值得重点观察的领域。
Anyone can be a developer with new AI-powered features across our low-code, no-code tools, which makes it easier to build an app, automate workflow or create a Copilot using natural language. 30,000 organizations, across every industry have used Copilot Studio to customize Copilot for Microsoft 365 or build their own, up 175% quarter-over-quarter. Cineplex, for example, built a Copilot for customer service agents, reducing query handling time from as much as 15 minutes to 30 seconds. All up over 330,000 organizations, including over half of Fortune 100 have used AI-powered capabilities in Power Platform, and Power Apps now has over 25 million monthly active users, up over 40% year-over-year.
任何人都可以成为开发人员，借助我们低代码、无代码工具的新人工智能功能，更容易地构建应用程序、自动化工作流程或使用自然语言创建 Copilot。跨越各行各业的 30,000 家组织已经使用 Copilot Studio 来定制 Microsoft 365 的 Copilot 或构建自己的 Copilot，同比增长了 175%。例如，Cineplex 为客服代理构建了一个 Copilot，将查询处理时间从最多 15 分钟缩短到 30 秒。总共超过 330,000 家组织，包括一半以上的财富 100 强，在 Power Platform 中使用了 AI 功能，Power Apps 现在拥有超过 25 百万月活跃用户，同比增长超过 40%。
Now on to future of work, we are seeing AI democratize expertise across the workforce. What inventory turns are to efficiency of supply chains, knowledge turns, the creation and diffusion and knowledge are to productivity of an organization. And Copilot for Microsoft 365 is helping increase knowledge turns, thus having a cascading effect changing work, work artifacts and workflows and driving better decision-making, collaboration and efficiency.
现在转向未来的工作，我们看到人工智能正在使专业知识在整个劳动力中民主化。库存周转对供应链效率的影响，知识周转对组织生产力的影响，知识的创造和传播对组织生产力的影响。而微软 365 的 Copilot 正在帮助增加知识周转，从而产生连锁效应，改变工作、工作产品和工作流程，推动更好的决策制定、协作和效率。
This quarter, we made Copilot available to organizations of all types and sizes from enterprises to small businesses, nearly 60% of the Fortune 500 now use Copilot and we have seen accelerated adoption across industries and geographies with companies like Amgen, BP, Cognizant, Koch Industries, Moody’s, Novo Nordisk, NVIDIA, and Tech Mahindra purchasing over 10,000 seats. We’re also seeing increased usage intensity from early adopters, including a nearly 50% increase in the number of Copilot-assisted interactions per user in Teams, bridging group activity with business process workflows and enterprise knowledge. And we’re not stopping there.
本季度，我们将 Copilot 提供给各种规模和类型的组织，从企业到小型企业，现在近 60%的财富 500 强公司正在使用 Copilot，我们看到各行各业和地理位置的加速采用，像安进、英国石油、高知特、科克工业、穆迪、诺和诺德、英伟达和 Tech Mahindra 等公司购买了超过 1 万个席位。我们还看到早期采用者的使用强度增加，包括团队中每位用户的 Copilot 辅助互动数量增加了近 50%，将团队活动与业务流程工作流和企业知识联系起来。我们不会止步于此。
We’re accelerating our innovation, adding over 150 Copilot capabilities since the start of the year. With Copilot and Dynamics 365, we are helping businesses transform every role in business function as we take share with our AI-powered apps across all categories. This quarter, we made our Copilot for Service and Copilot for Sales broadly available, helping customer service agents and sellers at companies like Land O’Lakes, Northern Trust, Rockwell Automation and Toyota Group generate role-specific insights and recommendations from across Dynamics 365 and Microsoft 365, as well as third-party platforms like Salesforce, ServiceNow, and Zendesk.
我们正在加速创新，自年初以来已经增加了 150 多项 Copilot 功能。通过 Copilot 和 Dynamics 365，我们正在帮助企业转变业务功能中的每个角色，以我们的人工智能应用程序在所有类别中占据份额。本季度，我们使我们的服务 Copilot 和销售 Copilot 广泛可用，帮助像 Land O’Lakes、Northern Trust、Rockwell Automation 和 Toyota Group 这样的公司的客户服务代理和销售人员从 Dynamics 365 和 Microsoft 365 以及 Salesforce、ServiceNow 和 Zendesk 等第三方平台中生成特定角色的见解和建议。
And with our Copilot for Finance, we are drawing context from dynamics, as well as ERP systems like SAP to reduce labor-intensive processes like collections and contract and invoice capture for companies like Dentsu and IDC. ISVs are also building their own co-pilot integrations. For example, new integrations between Adobe Experience Cloud and Copilot will help marketeers access campaign insights in the flow of their work.
通过我们的财务副驾驶，我们正在从动态和诸如 SAP 之类的 ERP 系统中获取上下文，以减少像 Dentsu 和 IDC 这样的公司的劳动密集型流程，如收款、合同和发票捕获。 ISV 也正在构建他们自己的副驾驶集成。例如，Adobe Experience Cloud 和 Copilot 之间的新集成将帮助市场营销人员在工作流程中访问活动见解。
When it comes to devices, Copilot in Windows is now available on nearly 225 million Windows 10 and Windows 11 PCs, up 2x quarter-over-quarter. With Copilot, we have an opportunity to create an entirely new category of devices, purpose-built for this new generation of AI.
就设备而言，Windows 中的 Copilot 现在可在近 2.25 亿台 Windows 10 和 Windows 11 个人电脑上使用，同比增长了 2 倍。有了 Copilot，我们有机会为这一新一代人工智能专门打造的全新设备类别。
All of our largest OEM partners have announced AI PCs in recent months. And this quarter, we introduced new surface devices, which includes integrated NPUs to power on-device AI experiences like auto framing and live captions. And there is much more to come in just a few weeks, we’ll hold a special event to talk about our AI vision across Windows and devices.
在最近几个月里，我们所有最大的 OEM 合作伙伴都宣布推出 AI PC。而在本季度，我们推出了新的 Surface 设备，其中包括集成的 NPU，用于支持设备上的 AI 体验，如自动对焦和实时字幕。在接下来的几周里，我们将举办一场特别活动，讨论我们在 Windows 和设备上的 AI 愿景。
When it comes to Teams, we once again saw year-over-year usage growth. We’re rolling out a new version, which is up to two times faster while using 50% less memory to all customers. We surpassed 1 million Teams Rooms for the first time as we continue to make hybrid meetings better with new AI-powered features like automatic camera switching and speaker recognition.
就 Teams 而言，我们再次看到了年度使用量增长。我们正在推出一个新版本，速度提高了两倍，同时减少了 50%的内存，适用于所有客户。随着我们继续推出新的 AI 功能，如自动摄像头切换和扬声器识别，我们首次突破了 100 万个 Teams 会议室，使混合会议变得更好。
And Teams Phone continues to be the market leader in cloud calling now with over 20 million PSTN users, up nearly 30% year-over-year. All of this innovation is driving growth across Microsoft 365 companies across the private and public sector, including Amadeus, BlackRock, Chevron, Ecolab, Kimberly-Clark. All chose our premium E5 offerings this quarter for advanced security, compliance, voice and analytics.
团队电话继续成为云呼叫市场的领导者，现在拥有超过 2000 万 PSTN 用户，同比增长近 30%。所有这些创新正在推动 Microsoft 365 公司在私营和公共部门的增长，包括阿玛迪斯、黑石集团、雪佛龙、埃科洛卫和金伯利-克拉克。所有这些公司选择了我们本季度的高级 E5 产品，以获得先进的安全性、合规性、语音和分析功能。
Now on to industry and cross-industry clouds. We are also bringing AI-powered transformation to every industry. In health care, DAX Copilot is being used by more than 200 health care organizations, including Providence, Stanford Health Care and WellSpan Health. And in manufacturing, this week at Hannover Messe, customers like BMW, Siemens and Volvo Penta shared how they're using our cloud and AI solutions to transform factory operations.
现在转向行业和跨行业云。我们还将 AI 驱动的转型带入每个行业。在医疗保健领域，DAX Copilot 已被 200 多家医疗保健机构使用，包括普罗维登斯、斯坦福医疗保健和威尔斯潘健康。在制造业方面，本周在汉诺威工业博览会上，像宝马、西门子和沃尔沃彭塔这样的客户分享了他们如何利用我们的云和 AI 解决方案来改变工厂运营。
Now on to security. Security underpins every layer of the tech stack, and it's our number one priority. We launched our Secure Future Initiative last fall for this reason, bringing together every part of the company to advance cybersecurity protection, and we are doubling down on this very important work, putting security above all else, before all other features and investments. We are focused on making continuous progress across the six pillars of this initiative as we protect tenants and isolate production systems, protect identities and secrets, protect networks, protect engineering systems, monitor and detect threats, and accelerate responses and remediation.
现在让我们谈一下安全性。安全性是技术堆栈的每一层的基础，也是我们的首要任务。出于这个原因，我们在去年秋季推出了我们的安全未来计划，汇集了公司的每一个部分来推进网络安全保护，我们正在加倍努力进行这项非常重要的工作，将安全性置于所有其他功能和投资之上。我们专注于在这一计划的六大支柱上持续取得进展，保护租户和隔离生产系统，保护身份和秘密，保护网络，保护工程系统，监控和检测威胁，并加速响应和补救。
We remain committed to sharing our learnings, tools and innovation with customers. A great example is Copilot for Security, which we made generally available earlier this month, bringing together LLMs with domain-specific skills informed by our threat intelligence and 78 trillion daily security signals to provide security teams with actionable insights.
我们致力于与客户分享我们的学习、工具和创新。一个很好的例子是安全 Copilot，我们在本月初推出了这个产品，将 LLMs 与我们的威胁情报和每天 78 万亿个安全信号提供的领域特定技能结合起来，为安全团队提供可操作的见解。
Now let me talk about our consumer businesses starting with LinkedIn. We continue to combine our unique data with this new generation of AI to transform the way members learn, sell and get hired. Features like LinkedIn AI-assisted messages are seeing a 40% higher acceptance rate and accepted over 10% faster by job seekers, saving hirers time and making it easier to connect them to candidates.
现在让我来谈谈我们的消费业务，首先是 LinkedIn。我们继续将我们独特的数据与这一代新的人工智能相结合，改变会员学习、销售和招聘的方式。LinkedIn AI 辅助消息等功能的接受率提高了 40%，求职者接受速度提高了 10%，节省了招聘者的时间，使其更容易将他们与候选人联系起来。
Our AI-powered collaborative articles, which has reached over 12 million contributions are helping increase engagement on the platform, which reached a new record this quarter. New AI features are also helping accelerate LinkedIn Premium growth with revenue up 29% year-over-year. And we are also seeing strength across our other businesses with hiring taking share for the seventh consecutive quarter.
我们基于人工智能的协作文章已经达到了超过 1200 万的贡献，有助于增加平台的参与度，本季度创下了新纪录。新的人工智能功能还有助于加速领英高级版的增长，收入同比增长了 29%。我们还看到其他业务的实力增强，招聘连续第七个季度占据份额。
Now on to search, advertising and news. We once again took share across Bing and Edge as we continue to apply this new generation of AI to transform how people search and browse. Bing reached over 140 million daily active users, and we are particularly encouraged by our momentum in mobile. Our free Copilot apps on iOS and Android saw a surge in downloads after our Super Bowl ad and are among the highest rated in this category. We also rolled out Copilot to our ad platform this quarter, helping marketeers use AI to generate recommendations for product images, headlines and descriptions.
现在转向搜索、广告和新闻。我们再次在必应和 Edge 上获得份额，因为我们继续将这一代新的人工智能应用于改变人们搜索和浏览的方式。必应的日活跃用户超过 1.4 亿，我们特别鼓舞的是我们在移动端的势头。我们在 iOS 和 Android 上的免费 Copilot 应用在超级碗广告后下载量激增，并且在该类别中评分最高。本季度我们还将 Copilot 推出到我们的广告平台，帮助营销人员使用人工智能为产品图片、标题和描述生成推荐。
搜索、广告和新闻，边个数字都没有，看着优势还在Google手里。
Now on to gaming. We are committed to meeting players where they are by bringing great games to more people on more devices. We set third quarter records for game streaming hours, console usage and monthly active devices. And last month, we added our first Activision Blizzard title Diablo IV to our Game Pass service. Subscribers played over 10 million hours within the first 10 days, making it one of our biggest first-party Game Pass launches ever. We were also encouraged by ongoing success of Call of Duty: Modern Warfare 3, which is attracting new gamers and retaining franchise loyalists.
现在转向游戏。我们致力于通过将优秀游戏带给更多人和更多设备，满足玩家的需求。我们在第三季度创下了游戏流媒体小时数、主机使用率和月活跃设备的记录。上个月，我们将第一款动视暴雪的作品《暗黑破坏神 IV》加入了我们的游戏通行证服务。订阅者在前 10 天内就玩了超过 1000 万小时，使其成为我们迄今为止最成功的第一方游戏通行证推出之一。我们也对《使命召唤：现代战争 3》持续取得的成功感到鼓舞，这款游戏吸引了新玩家并保留了系列忠实玩家。
Finally, we are expanding our games to new platforms, bringing four of our fan favorite titles to Nintendo Switch and Sony PlayStation for the first time. In fact, earlier this month, we had seven games among the top 25 on the PlayStation store more than any other publisher. In closing, I'm energized about our opportunity ahead as we innovate to help people and businesses thrive in this new era.
最后，我们正在将我们的游戏扩展到新平台，首次将我们的四款粉丝最喜爱的游戏带到任天堂 Switch 和索尼 PlayStation。事实上，本月早些时候，我们在 PlayStation 商店的前 25 名中有七款游戏，比其他任何发行商都多。总之，我对我们未来的机会感到充满活力，因为我们正在创新，帮助人们和企业在这个新时代蓬勃发展。
With that, let me turn it over to Amy.
让我把话题转交给艾米。
Amy Hood 艾米·胡德
Thank you, Satya, and good afternoon, everyone. Our third quarter revenue was $61.9 billion, up 17%; and earnings per share was $2.94, up 20%. Results exceeded expectations, and we delivered another quarter of double-digit top and bottom line growth with continued share gains across many of our businesses.
谢谢，萨蒂亚，大家下午好。我们第三季度营收为 619 亿美元，增长 17％；每股收益为 2.94 美元，增长 20％。结果超出预期，我们实现了又一个季度的两位数收入和利润增长，并在许多业务领域继续获得份额增长。
相比于苹果，微软在行业属性上有优势，增长更容易。
In our commercial business, bookings increased 29% and 31% in constant currency, significantly ahead of expectations, driven by Azure commitments with an increase in average deal size and deal length as well as strong execution across our core annuity sales motions. In Microsoft 365, suite strength contributed to ARPU expansion for our Office Commercial business, although new business growth continued to moderate for stand-alone products sold outside the Microsoft 365 suite.
在我们的商业业务中，预订量按恒定货币计算增长了 29%和 31%，远远超出预期，这主要是由于 Azure 承诺带来的平均交易规模和交易周期的增加，以及我们核心年度销售动力的强劲执行。在 Microsoft 365 中，套件实力为我们的 Office 商业业务的 ARPU 扩张做出了贡献，尽管独立销售的产品在 Microsoft 365 套件之外的新业务增长仍在逐渐减缓。
Commercial remaining performance obligation increased 20% and 21% in constant currency to $235 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 20% year-over-year. The remaining portion recognized beyond the next 12 months increased 21%. And this quarter, our annuity mix increased to 97%. In our consumer business, PC market demand was slightly better than we expected, benefiting Windows OEM, while advertising spend landed relatively in line with our expectations.
商业剩余履约义务按恒定货币计增长 20%和 21%，达到 2350 亿美元。大约 45%将在接下来的 12 个月内确认为收入，同比增长 20%。超过接下来 12 个月的剩余部分确认增长 21%。本季度，我们的年金组合增至 97%。在我们的消费者业务中，PC 市场需求略好于我们的预期，有利于 Windows OEM，而广告支出与我们的预期相对接近。
In gaming, we also saw better-than-expected performance of Activision titles, benefiting Xbox content and services. At a company level, Activision contributed a net impact of approximately 4 points to revenue growth, was a 2-point drag on operating income growth and had a negative $0.04 impact to earnings per share.
在游戏领域，我们还看到了动视游戏的表现超出预期，从而使得 Xbox 的内容和服务受益。在公司层面上，动视对营收增长的净影响约为 4 个百分点，对营业收入增长的拖累为 2 个百分点，并对每股收益产生了负面影响 0.04 美元。
A reminder, that this net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first party and also includes $935 million from purchase accounting adjustments, integration and transaction-related costs. FX did not have a significant impact on our results and was roughly in line with our expectations on total company revenue, segment level revenue, COGS and operating expense growth.
提醒一下，这个净影响包括调整 Activision 内容从我们之前作为第三方合作伙伴的关系转变为第一方，并且还包括来自购买会计调整、整合和交易相关成本的 9.35 亿美元。外汇对我们的结果没有显著影响，大致符合我们对总公司收入、部门级收入、成本和运营费用增长的预期。
Microsoft Cloud revenue was $35.1 billion and grew 23%, ahead of expectations. Microsoft Cloud gross margin percentage decreased slightly year-over-year to 72%, a bit better than expected. Excluding the impact of the change in accounting estimate for useful lives, gross margin percentage increased slightly, driven by improvement in Azure and Office 365, even with the impact of scaling our AI infrastructure, partially offset by sales mix shift to Azure.
微软云收入为 351 亿美元，增长 23%，超出预期。微软云毛利率百分比同比略有下降至 72%，略好于预期。除去有用寿命会计估计变更的影响，毛利率百分比略有增加，受 Azure 和 Office 365 改善推动，即使受到扩展 AI 基础设施影响，部分抵消了销售组合向 Azure 转变的影响。
Company gross margin dollars increased 18% and gross margin percentage increased slightly year-over-year to 70%. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 1 point even with the impact from the purchase accounting adjustments, integration and transaction-related costs from the Activision acquisition.
公司毛利润美元增加了 18％，毛利率百分比同比略微增加至 70％。在排除会计估计变更影响的情况下，毛利率百分比即使受到 Activision 收购的购买会计调整、整合和交易相关成本的影响，也大致增加了 1 个百分点。
Growth was driven by the improvement in Azure and Office 365 just mentioned as well as sales mix shift to higher-margin businesses. Operating expenses increased 10% with 9 points from the Activision acquisition. At a total company level, head count at the end of March was 1% lower than a year ago.
增长得益于刚提到的 Azure 和 Office 365 的改善，以及销售结构向更高利润业务的转变。运营费用增加了 10%，其中 9 个百分点来自 Activision 的收购。在整个公司层面上，截至 3 月底的员工人数比一年前低了 1%。
Operating income increased 23% and operating margins increased roughly 2 points year-over-year to 45%, excluding the impact of the change in accounting estimate, operating margins increased roughly 3 points, driven by the higher gross margin noted earlier and improved operating leverage through continued cost discipline.
营业收入同比增长 23％，营业利润率增加了约 2 个百分点至 45％，不考虑会计估计变更的影响，营业利润率增加了约 3 个百分点，这是由之前提到的更高毛利率和通过持续的成本约束实现的改善的运营杠杆所推动的。
Now to our segment results. Revenue from Productivity and Business Processes was $19.6 billion and grew 12% and 11% in constant currency, in line with expectations. Office Commercial revenue grew 13% and 12% in constant currency. Office 365 commercial revenue increased 15%, in line with expectations, driven by healthy renewal execution, ARPU growth from continued E5 momentum and early Copilot for Microsoft 365 progress.
现在到我们的业绩结果。生产力和业务流程的收入为 196 亿美元，按恒定货币计算增长了 12%和 11%，符合预期。办公商业收入按恒定货币计算增长了 13%和 12%。Office 365 商业收入增长了 15%，符合预期，受到良好的续约执行、持续 E5 动力的 ARPU 增长和 Microsoft 365 早期 Copilot 的推动。
Paid Office 365 commercial seats grew 8% year-over-year with installed base expansion across all customer segments. Seat growth was again driven by our small and medium business and frontline worker offerings, although growth continued to moderate in SMB. Office Commercial Licensing declined 20% and 18% in constant currency, with continued customer shift to cloud offerings.
付费的 Office 365 商业许可证数量同比增长了 8%，安装基数在所有客户细分市场都有扩张。许可证数量的增长再次受到我们的中小型企业和一线员工产品的推动，尽管中小型企业市场的增长仍在逐渐减缓。Office 商业许可证在恒定货币下分别下降了 20% 和 18%，客户继续向云服务产品转移。
Office Consumer revenue increased 4%, slightly below expectations. Microsoft 365 subscriptions grew 14% to $80.8 million. LinkedIn revenue increased 10% and 9% in constant currency, ahead of expectations, driven by slightly better-than-expected performance in our premium subscriptions and Talent Solutions businesses. However, in Talent Solutions, bookings growth continues to be impacted by the weaker hiring environment in key verticals.
办公室消费者收入增长 4％，略低于预期。 Microsoft 365 订阅增长 14％，达到 8080 万美元。 LinkedIn 收入增长 10％，在恒定货币下增长 9％，超出预期，受高级订阅和人才解决方案业务略好于预期表现的推动。然而，在人才解决方案中，预订增长继续受到关键垂直领域招聘环境疲软的影响。
Dynamics revenue grew 19% and 17% in constant currency, ahead of expectations. Growth was driven by Dynamics 365, which grew 23% and 22% in constant currency with continued growth across all workloads and better-than-expected new business, although bookings growth remains moderated.
动态收入在恒定货币下增长了 19%和 17%，超出预期。增长主要由 Dynamics 365 推动，恒定货币下增长了 23%和 22%，在所有工作负载上持续增长，并且新业务表现优于预期，尽管预订增长仍然受到限制。
Segment gross margin dollars increased 11%, and gross margin percentage decreased slightly year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly driven by improvement in Office 365. Operating expenses increased 1% and operating income increased 17% and 16% in constant currency.
分部毛利润增加了 11％，毛利率百分比同比略有下降。除去会计估计变更的影响，由于 Office 365 的改善，毛利率百分比略有增加。运营费用增加了 1％，运营收入在恒定货币下增加了 17％和 16％。
Next, the Intelligent Cloud segment. Revenue was $26.7 billion, increasing 21%, ahead of expectations with better-than-expected results across all businesses. Overall, Server products and cloud services revenue grew 24%. Azure and other cloud services revenue grew 31% ahead of expectations, while our AI services contributed 7 points of growth as expected.
接下来是智能云业务板块。收入为 267 亿美元，增长 21%，超出预期，各业务表现均优于预期。总体而言，服务器产品和云服务收入增长 24%。Azure 和其他云服务收入增长 31%，超出预期，而我们的人工智能服务如预期贡献了 7 个增长点。
In the non-AI portion of our consumption business, we saw greater-than-expected demand broadly across industries and customer segments as well as some benefit from a greater-than-expected mix of contracts with higher in-period recognition.
在我们消费业务的非 AI 部分，我们看到跨行业和客户细分领域的需求超出预期，并且一些合同的混合比例高于预期，从而带来了更多的收入确认。
In our per-user business, the Enterprise Mobility and Security installed base grew 10% to over 274 million seats, with continued impact from the growth trends in new stand-alone business noted earlier. In our on-premises server business, revenue increased 6%, ahead of expectations, driven by better-than-expected renewal strength, particularly for contracts with higher in-period revenue recognition.
在我们的按用户计费业务中，企业移动性和安全性的安装基数增长了 10%，超过了 2.74 亿个席位，继续受到早期独立业务增长趋势的影响。在我们的本地服务器业务中，收入增长了 6%，超出预期，这主要是由于续约实力超出预期，特别是对于在期间收入确认更高的合同。
Enterprise and partner services revenue decreased 9% on a strong prior year comparable for enterprise support services. Segment gross margin dollars increased 20% and gross margin percentage decreased slightly year-over-year. Excluding the impact of the change in accounting estimate [indiscernible] percentage increased slightly, primarily driven by the improvement in Azure noted earlier, even with the impact of scaling our AI infrastructure, partially offset by sales mix shift to Azure. Operating expenses increased 1% and operating income grew 32%.
企业和合作伙伴服务收入因企业支持服务的强劲去年同比表现而下降了 9%。部门毛利润增加了 20%，毛利率百分比同比略有下降。不考虑会计估计变更的影响，百分比略有增加，主要受到早前提到的 Azure 改善的推动，即使受到扩展人工智能基础设施的影响，部分抵消了销售组合向 Azure 的转变。运营费用增加了 1%，运营收入增长了 32%。
Now to More Personal Computing. Revenue was $15.6 billion, increasing 17% with 15 points of net impact from the Activision acquisition. Results were above expectations, driven by better-than-expected performance in gaming and Windows OEM. Windows OEM revenue increased 11% year-over-year, ahead of expectations, primarily driven by the slightly better PC market noted earlier as well as mix shift to higher monetizing markets.
现在转向更个人化的计算。收入为 156 亿美元，增长 17%，其中 15 个百分点来自动视公司的收购。结果超出预期，主要受到游戏和 Windows OEM 表现优于预期的推动。Windows OEM 收入同比增长 11%，超出预期，主要受稍好于预期的 PC 市场以及向更高盈利市场的转变的影响。
Windows commercial products and cloud services revenue increased 13% and 12% in constant currency, below expectations with impact from the growth trends in new stand-alone business noted earlier as well as lower in-period revenue recognition from a mix of contracts. Devices revenue decreased 17% and 16% in constant currency as we remain focused on our higher-margin premium products. Overall, Surface demand was slightly lower than expected. Search and News advertising revenue ex TAC increased 12% ahead of expectations with continued volume growth and increased engagement on Bing and Edge.
Windows 商业产品和云服务收入按恒定货币计算增长了 13%和 12%，低于预期，受早前提到的新独立业务增长趋势以及合同组合中较低的当期收入确认影响。设备收入按恒定货币计算下降了 17%和 16%，因为我们继续专注于高毛利的优质产品。总体而言，Surface 需求略低于预期。搜索和新闻广告收入减去 TAC 后增长了 12%，超出预期，继续在必应和 Edge 上实现体积增长和增加的参与度。
And in gaming. Revenue increased 51% and 50% in constant currency with 55 points of net impact from the Activision acquisition. Results were ahead of expectations, primarily driven by Call of Duty. Xbox content and services revenue increased 62% and 61% in constant currency with 61 points of net impact from the Activision acquisition. Xbox hardware revenue decreased 31% and 30% in constant currency. Segment gross margin dollars increased 27% and 26% in constant currency, with 13 points of net impact from the Activision acquisition. Gross margin percentage increased roughly 4 points year-over-year, primarily driven by sales mix shift to higher-margin businesses.
在游戏领域。收入按恒定货币计算增长了 51％和 50％，其中 55 个百分点来自动视野收购的净影响。结果超出预期，主要受《使命召唤》的推动。 Xbox 内容和服务收入按恒定货币计算增长了 62％和 61％，其中 61 个百分点来自动视野收购的净影响。 Xbox 硬件收入按恒定货币计算下降了 31％和 30％。部门毛利润美元按恒定货币计算增长了 27％和 26％，其中 13 个百分点来自动视野收购的净影响。毛利润百分比年度增加了大约 4 个百分点，主要受到销售组合向更高毛利润业务的转变的推动。
老树新枝，不是自己长出来的新枝。
Operating expenses increased 41% with 43 points from the Activision acquisition. Operating income increased 16% and 15% in constant currency. Now back to total company results. Capital expenditures, including finance leases, were $14 billion to support our cloud demand, inclusive of the need to scale our AI infrastructure. Cash paid for PP&E was $11 billion. Cash flow from operations was $31.9 billion, up 31%, driven by strong cloud billings and collections.
运营费用增加了 41%，其中 43 个百分点来自动视天收购。运营收入按恒定货币计算增长了 16%和 15%。现在回到整体公司业绩。资本支出，包括融资租赁，为支持我们的云需求为 140 亿美元，其中包括扩展我们的人工智能基础设施的需求。用于购买固定资产和设备的现金为 110 亿美元。经营活动现金流为 319 亿美元，增长了 31%，主要受强劲的云计费和收款推动。
Free cash flow was $21 billion, up 18% year-over-year, reflecting higher capital expenditures to support our cloud and AI offerings. This quarter, other income and expense was negative $854 million, lower than anticipated, driven by losses on investments accounted for under the equity method. Our effective tax rate was approximately 18%.
自由现金流为 210 亿美元，同比增长 18%，反映出更高的资本支出，以支持我们的云和人工智能产品。本季度，其他收入和支出为负 85.4 亿美元，低于预期，主要是由于按权益法核算的投资亏损。我们的有效税率约为 18%。
And finally, we returned $8.4 billion to shareholders through dividends and share repurchases. Now moving to our Q4 outlook, which unless specifically noted otherwise, is on a U.S. dollar basis.
最后，我们通过股息和股票回购向股东返还了 84 亿美元。现在转向我们的第四季度展望，除非另有特别说明，基本上是以美元为基础。
First, FX. Based on current rates, which reflect the recent strengthening of the U.S. dollar, we now expect FX to decrease total revenue and segment level revenue growth by less than 1 point. When compared to our January guide for Q4, FX, this is a decrease to total revenue of roughly $700 million. We expect FX to decrease COGS growth by approximately 1 point and operating expense growth by less than 1 point.
根据当前汇率，反映美元最近走强，我们现在预计外汇将使总收入和分部门收入增长减少不到 1 个百分点。与我们 1 月份第四季度的指导相比，外汇将使总收入减少大约 7 亿美元。我们预计外汇将使成本增长减少约 1 个百分点，运营费用增长减少不到 1 个百分点。
In commercial bookings, we expect solid growth on a relatively flat expiry base driven by continued strong commercial sales execution. As a reminder, larger, long-term Azure contracts, which are more unpredictable in their timing, can drive increased quarterly volatility in our bookings growth rate. Microsoft Cloud gross margin percentage should decrease roughly 2 points year-over-year. Excluding the impact from the change in accounting estimate, Q4 cloud gross margin percentage will be down slightly as improvement in Azure, inclusive of scaling our AI infrastructure will be offset by sales mix shift to Azure.
在商业预订方面，我们预计在持续强劲的商业销售执行推动下，相对稳定的到期基础上会实现坚实增长。作为提醒，更大规模、长期的 Azure 合同在时间上更加不可预测，可能会导致我们的预订增长率季度波动增加。微软云的毛利率百分比应该年度下降大约 2 个百分点。除了会计估计变更的影响外，Q4 云毛利率百分比将略微下降，因为 Azure 的改善，包括扩展我们的人工智能基础设施，将被销售组合向 Azure 的转变所抵消。
We expect capital expenditures to increase materially on a sequential basis driven by cloud and AI infrastructure investments. As a reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure build-outs and the timing of finance leases. We continue to bring capacity online as we scale our AI investments with growing demand. Currently, near-term AI demand is a bit higher than our available capacity.
我们预计资本支出将在云和人工智能基础设施投资的推动下，按顺序基础大幅增加。提醒一下，在我们云基础设施建设和融资租赁的时间安排上可能会有正常的季度支出变动。随着需求增长，我们继续在线上增加容量，以扩大我们的人工智能投资规模。目前，短期内人工智能需求略高于我们的可用容量。
Next, to segment guidance. In Productivity and Business Processes, we expect revenue to grow between 9% and 11% in constant currency or US$19.9 billion to US$20.2 billion. In Office Commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and ARPU growth primarily through E5. We expect Office 365 revenue growth to be approximately 14% in constant currency. We continue to progress with adoption of CoPilot for Microsoft 365 and remain excited for the long-term growth opportunity.
接下来，进行分部指导。在生产力与业务流程方面，我们预计收入将在恒定货币或 19.9 亿美元至 20.2 亿美元之间增长 9%至 11%。在商用办公室方面，收入增长将再次由 Office 365 推动，客户群体的座位增长和 ARPU 增长主要通过 E5 实现。我们预计 Office 365 的收入增长将在恒定货币中约为 14%。我们继续推进 Microsoft 365 的 CoPilot 采用，并对长期增长机会感到兴奋。
In our on-premises business, we expect revenue to decline in the mid to high teens. In Office Consumer, we expect revenue growth in the low to mid-single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the mid to high single digits driven by continued growth across all businesses. And in Dynamics, we expect revenue growth in the low to mid-teens, driven by Dynamics 365. For both LinkedIn and Dynamics, the continued bookings growth moderation noted earlier is a headwind to Q4 revenue growth.
在我们的本地业务中，我们预计收入将下降在中到高青少年。在 Office Consumer 方面，我们预计收入将以低到中个位数增长，这是由 Microsoft 365 订阅推动的。对于 LinkedIn，我们预计收入将以中到高个位数增长，这是由所有业务持续增长推动的。而在 Dynamics 方面，我们预计收入将以低到中青少年增长，这是由 Dynamics 365 推动的。对于 LinkedIn 和 Dynamics，早前提到的持续预订增长调整是 Q4 收入增长的阻力。
For Intelligent Cloud, we expect revenue to grow between 19% and 20% in constant currency or US$28.4 billion to US$28.7 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per-user business and in-period revenue recognition depending on the mix of contracts.
对于智能云，我们预计收入将在恒定货币或 28.4 亿美元至 28.7 亿美元之间增长 19%至 20%。收入将继续受 Azure 推动，需要提醒的是，Azure 的季度变化主要来自我们的按用户业务和合同组合而定的当期收入确认。
In Azure, we expect Q4 revenue growth to be 30% to 31% in constant currency or similar to our stronger-than-expected Q3 results. Growth will be driven by our Azure Consumption business and continued contribution from AI with some impact from the AI capacity availability noted earlier.
在 Azure 中，我们预计 Q4 的收入增长将在恒定货币下为 30%至 31%，与我们超出预期的 Q3 结果类似。增长将由我们的 Azure 消费业务推动，并继续从人工智能中获得贡献，同时也会受到之前提到的人工智能容量可用性的一些影响。
Our per-user business should see benefit from Microsoft 365 suite momentum. Though we expect continued moderation in seat growth rates given the size of the installed base. In our on-premises server business, we expect revenue growth in the low to mid-single digits with continued hybrid demand, including licenses running in multi-cloud environments.
我们的每用户业务应该从 Microsoft 365 套件的势头中受益。尽管我们预计由于已安装基数的规模，座位增长率将继续适度放缓。在我们的本地服务器业务中，我们预计收入增长率将保持在低至中个位数，包括持续的混合需求，其中包括在多云环境中运行的许可证。
And in Enterprise and Partner Services revenue should decline in the mid- to high single digits on a high prior year comparable for enterprise support services. In More Personal Computing, we expect revenue to grow between 10% and 13% in constant currency or US$15.2 billion to US$15.6 billion. Windows OEM revenue growth should be in the low to mid-single digits as PC market unit volumes continue at pre-pandemic levels.
在企业和合作伙伴服务方面，由于企业支持服务的高基期可比，收入预计将以中至高个位数下降。在更个人化的计算方面，我们预计收入将以恒定货币或 150 亿美元至 156 亿美元的增长率增长 10%至 13%。由于个人电脑市场单位销量继续保持疫情前水平，Windows OEM 收入增长应在低至中个位数。
In Windows Commercial Products and Cloud Services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the mid-single digits. As a reminder, our quarterly revenue growth can have variability primarily from in-period revenue recognition depending on the mix of contracts.
在 Windows 商业产品和云服务中，客户对 Microsoft 365 和我们的先进安全解决方案的需求应推动中单位数的收入增长。提醒一下，我们的季度收入增长可能会因合同组合而有所不同，主要取决于当期收入确认。
In Devices, revenue should decline in the mid-teens as we continue to focus on our higher-margin premium products. Search and news advertising ex TAC revenue growth should be in the low to mid-teens, driven by continued volume strength. This will be higher than overall search and news advertising revenue growth, which we expect to be relatively flat. And in Gaming, we expect revenue growth in the low to mid-40s, including approximately 50 points of net impact from the Activision acquisition. We expect Xbox content and services revenue growth in the high 50s driven by approximately 60 points of net impact from the Activision acquisition. Hardware revenue will decline again year-over-year.
在设备方面，由于我们继续专注于高毛利的优质产品，收入预计将下降中等幅度。搜索和新闻广告除去 TAC 的收入增长预计将在低至中等幅度，受持续的量能强劲推动。这将高于整体搜索和新闻广告收入增长，我们预计整体增长将相对平稳。在游戏方面，我们预计收入增长将在低至中等 40%，其中约 50 个百分点来自动视界收购的净影响。我们预计 Xbox 内容和服务收入增长将在高 50%，其中约 60 个百分点来自动视界收购的净影响。硬件收入将再次同比下降。
Now back to company guidance. We expect COGS between US$19.6 billion to US$19.8 billion, including approximately $700 million from purchase accounting, integration and transaction-related costs from the Activision acquisition. We expect operating expense of US$17.15 billion to US$17.25 billion, including approximately $300 million from purchase accounting, integration and transaction-related costs from the Activision acquisition.
现在回到公司指导。我们预计成本费用在 196 亿美元至 198 亿美元之间，其中约 7 亿美元来自 Activision 收购的购买会计、整合和交易相关成本。我们预计运营费用为 171.5 亿美元至 172.5 亿美元，其中约 3 亿美元来自 Activision 收购的购买会计、整合和交易相关成本。
Therefore, we now expect full year FY2024 operating margins to be up over 2 points year-over-year, even with our cloud and AI investments, the impact from the Activision acquisition and the headwind from the change in useful lives last year. This operating margin expansion reflects the hard work across every team to drive efficiencies and maintain disciplined cost management, knowing we will continue to grow our cloud and AI investments next year.
因此，我们现在预计全年 FY2024 的营运利润率将比去年增加超过 2 个百分点，即使考虑到我们的云和人工智能投资、Activision 收购的影响以及去年有用寿命变化带来的不利影响。这种营运利润率的扩张反映了每个团队努力工作以提高效率和保持纪律成本管理，我们知道明年我们将继续增加云和人工智能投资。
Other income and expense should be roughly negative $850 million as interest income will be more than offset by interest expense and losses on investments accounted for under the equity method. As a reminder, we are required to recognize gains or losses on our equity investments which can increase quarterly volatility. We expect our Q4 effective tax rate to be approximately 18%.
其他收入和支出应该大约为负 850 亿美元，因为利息收入将被利息支出和按权益法核算的投资损失所抵消。提醒一下，我们必须承认我们的股权投资的盈利或亏损，这可能会增加季度波动性。我们预计我们的第四季度有效税率约为 18%。
Now I’d like to share some closing thoughts as we look to the next fiscal year. We continue to focus on building businesses that create meaningful value for our customers and therefore, significant growth opportunities for years to come. In FY2025, that focus on execution should again lead to double-digit revenue and operating income growth to scale to meet the growing demand signal for our cloud and AI products, we expect FY2025 capital expenditures to be higher than FY2024.
现在我想分享一些结束思考，因为我们展望下一个财政年度。我们继续专注于建立为客户创造有意义价值的业务，因此，未来几年将有重大增长机会。在 2025 财年，这种对执行的关注应再次导致两位数的收入和营业收入增长，以满足我们的云和人工智能产品不断增长的需求信号，我们预计 2025 财年的资本支出将高于 2024 财年。
These expenditures over the course of the next year are dependent on demand signals and adoption of our services. So we will manage that signal through the year. We will also continue to prioritize operating leverage. And therefore, we expect FY2025 operating margins to be down only about 1 point year-over-year, even with our significant cloud and AI investments, as well as a full year of impact from the Activision acquisition. We are leading the AI platform wave and are committed to bringing that value to our global customers as we enter the final quarter of our fiscal year.
明年的支出取决于需求信号和我们服务的采用情况。因此，我们将在整个年度内管理这些信号。我们还将继续优先考虑运营杠杆。因此，即使我们进行了大量云和人工智能投资，以及 Activision 收购的全年影响，我们预计 FY2025 的运营利润率仅比去年下降约 1 个百分点。我们正在引领人工智能平台浪潮，并致力于将这种价值带给我们的全球客户，随着我们进入财政年度的最后一个季度。
With that, let’s go to Q&A, Brett.
让我们开始问答环节吧，布雷特。
Brett Iversen 布雷特·艾弗森
Thanks, Amy. We’ll now move over to Q&A. Out of respect for others on the call, we request that participants please only ask one question. Operator, can you please repeat your instructions?
谢谢，艾米。我们现在将转到问答环节。出于对通话中其他人的尊重，我们要求参与者只提一个问题。操作员，请您能重复一下您的指示吗？
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions] And our first question comes from the line of Keith Weiss with Morgan Stanley. Please proceed.
【操作员指示】我们的第一个问题来自摩根士丹利的 Keith Weiss。请继续。
Keith Weiss
Thank you, guys for taking the question and congratulations on a fantastic quarter. A lot of excitement in the marketplace around generative AI and the potential of these technologies, but there’s also a lot of investment going on behind them. It looks like Microsoft is on track to ramp CapEx over 50% year-on-year this year to over $50 billion. And there’s media speculation of more spending ahead with some reports talking about like $100 billion data center. So obviously, investments are coming well ahead of the revenue contribution.
谢谢大家提出问题，祝贺你们取得了出色的季度成绩。市场对生成式人工智能和这些技术的潜力充满了期待，但在它们背后也有大量的投资。微软似乎计划今年将资本支出提高 50%以上，达到超过 500 亿美元。媒体猜测未来还会有更多支出，有报道称可能会达到 1000 亿美元的数据中心。显然，投资远远超过了收入贡献。
But what I was hoping for is that you could give us some color on how use as the management team, try to quantify the potential opportunities that underlie these investments because they are getting very big. And maybe if you could give us some hint on whether there's any truth to the potential of like $100 billion data center out there? Thank you so much.
但我希望的是，您能告诉我们作为管理团队，如何试图量化这些投资潜在机会，因为它们正在变得非常庞大。也许您能给我们一些线索，关于是否存在像 1000 亿美元数据中心的潜在机会？非常感谢。
Satya Nadella 萨蒂亚·纳德拉
Thank you, Keith for the question, let me start and then Amy, you can add. At a high level, the way we, as a management team, talk about it is there are two sides to this, right? There is training and their inference. Given that we want to be a leader in this big generational shift and paradigm shift in technology, that's on the training side. We want to be able to allocate the capital required to essentially be training these large foundation models and stay on the leadership position there. And we've done that successfully all the way today, and you've seen it flow through our P&L, and you can continue to see that going forward.
谢谢你的问题，Keith，让我开始，然后 Amy，你可以补充。在高层次上，我们作为管理团队讨论的方式是有两个方面，对吧？有培训和推理。鉴于我们希望在这场技术领域的重大世代转变和范式转变中成为领导者，这就是培训方面。我们希望能够分配所需的资本，从根本上来说，培训这些大型基础模型，并保持领导地位。到目前为止，我们已经成功做到了这一点，你已经看到了这一点在我们的损益表中的体现，你可以继续看到这一点。
Then Amy referenced what we also do on the inference side, which is, one, we first innovate and build products. And of course, we have an infrastructure business that's also dependent on a lot of ISVs building products that run on our infrastructure. And it's all going to be demand driven. In other words, we track – we're closely what's happening with inference demand, and that's something that we will manage, as Amy said in her remarks very, very closely.
然后艾米提到了我们在推理方面所做的事情，即，首先我们首先创新并构建产品。当然，我们还有一个基础设施业务，这也取决于许多 ISV 构建在我们基础设施上运行的产品。而且这一切都将是需求驱动的。换句话说，我们密切追踪推理需求的情况，这是我们将非常非常密切管理的事情，正如艾米在她的讲话中所说的那样。
So we feel – and obviously, we've been doing this, quite frankly, Keith, for now multiple years. So this is not the quarter. I realize in the news, it's a lot more in the quarter nowadays. But if you look at it, we have been doing what is essentially capital allocation to be a leader in AI for multiple years now, and we plan to sort of essentially keep taking that forward.
所以我们感觉 - 显然，坦率地说，基思，我们现在已经做了多年了。所以这不是季度。我意识到在新闻中，现在季度的报道更多。但如果你看一下，我们已经做了多年的基本资本配置，成为 AI 领域的领导者，我们计划继续朝着这个方向前进。
Amy Hood 艾米·胡德
And Keith, I do think it's important to really think about our planning cycles and we do talk about spending sequentially higher. And we look forward to being able to continue to build out the infrastructure needed to meet the demand. Another thing that you’ve really asked in the beginning was the opportunity and the size of that. And I think in some ways, it's important to think about every business process that can be impacted and the opportunity that's represented by every business process.
基思，我认为真正思考我们的规划周期很重要，我们确实谈到了逐步增加支出。我们期待能够继续建设所需的基础设施以满足需求。你在一开始真正问过的另一件事是机会和规模。我认为在某种程度上，重要的是考虑每个可能受影响的业务流程以及每个业务流程所代表的机会。
And so when you think of it that way, I think the opportunity is significant. The opportunity to power that next wave of “cloud infrastructure” is important. It's important because we've been the leader for this decade of the cloud transition, and it's important for us to confidently invest to do that in the second wave, building on our success in the first. And I think that's really the best way to think about how we'll spend is the same way we approached it for a decade.
所以当你这样考虑时，我认为机会是重要的。 推动下一波“云基础设施”的机会很重要。 这很重要，因为我们在这十年的云转型中一直是领导者，对我们来说自信地投资以在第二波中做到这一点是很重要的，借鉴我们在第一波成功的基础上。 我认为这确实是考虑我们将如何花费的最佳方式，就像我们在过去十年中所做的方式一样。
Watch the signal, invest to be a leader in the technical foundation and then execute consistently to add value to customers. The opportunity is represented by the amount of value we add and I look forward to being able to continue to deliver that.
观察信号，投资成为技术基础的领导者，然后始终执行以为客户增加价值。机会体现在我们增加的价值数量上，我期待能够继续提供这种价值。
Keith Weiss
Excellent. Thank you so much.
太棒了。非常感谢。
Brett Iversen 布雷特·艾弗森
Thanks, Keith. Operator, next question please.
谢谢，基思。操作员，请问下一个问题。
Operator 操作员
The next question comes from the line of Brent Thill with Jefferies. Please proceed.
下一个问题来自 Jefferies 的 Brent Thill。请继续。
Brent Thill 布伦特·希尔
Satya, how would you characterize the demand environment? On one hand, you have bookings in Azure both accelerating year-over-year in the quarter, but we're seeing a lot of future concern hesitation from other vendors we all cover. So, I think everyone love to get your sense of budget health for customers this year.
萨蒂亚，你如何描述需求环境？一方面，你在 Azure 的预订在本季度同比增长，但我们看到其他供应商对未来的担忧和犹豫。所以，我认为大家都希望了解今年客户预算健康状况。
Satya Nadella 萨蒂亚·纳德拉
Great question, Brent. There are a couple of things I’d say. On the Azure side, which I think is what you specifically asked, we feel very good about the – we are fundamentally a share taker there because if you look at it from our perspective at this point, Azure has become a protocol for pretty much anybody who is doing an AI project. And so that's sort of been a significant help for us in terms of acquiring even new customers. Some of the logos I even referenced in my remarks, our new Azure customers. So, that's one.
伟大的问题，布伦特。我想说几件事。在 Azure 方面，我认为这是你特别问的，我们对此感到非常满意 - 我们基本上是那里的份额占有者，因为从我们的角度来看，Azure 现在已经成为几乎所有进行人工智能项目的人的协议。因此，这在获取新客户方面对我们有很大帮助。在我的讲话中，我甚至提到了一些标志，我们的新 Azure 客户。所以，这是一个。
The second thing that we're also seeing is AI just doesn't sit on its own. So, AI projects obviously start with calls to AI models, but they also use a vector database. In fact, Azure Search, which is really used by even ChatGPT is one of the fastest-growing services for us. We have Fabric integration to Azure AI. And so, Cosmos DB integration. So, the data tier, the dev tools is another place where we are seeing great traction. So, we are seeing adjacent services in Azure that get attached to AI.
我们还看到的第二件事是，人工智能并不是独立存在的。因此，人工智能项目显然是从调用人工智能模型开始的，但它们也使用矢量数据库。事实上，Azure Search，甚至 ChatGPT 都在使用的服务之一，是我们增长最快的服务之一。我们将 Fabric 集成到 Azure AI 中。还有 Cosmos DB 集成。因此，数据层和开发工具是我们看到巨大进展的另一个领域。因此，我们看到 Azure 中的相关服务与人工智能联系在一起。
And lastly, I would say, migrations to Azure as well. So, this is not just all an AI story. We are also looking at customers, I mean, this is something that we have talked about in the past, which is there's always an optimization cycle, but there's also – as people optimize, they spend money on new project starts, which will grow and then they'll optimize. So, it's a continuous side of it. So, these are the three trends that are playing out on Azure in terms of what at least we see on demand side.
最后，我想说的是，迁移到 Azure 也是一个重要趋势。因此，这不仅仅是一个人工智能的故事。我们也在关注客户，我是说，这是我们过去谈论过的事情，即始终存在着优化周期，但同时也存在着——随着人们进行优化，他们会在新项目启动上花费资金，这些项目会增长，然后他们会进行优化。因此，这是一个持续的过程。因此，这些是在 Azure 上发生的三个趋势，至少从我们看到的需求方面来看。
Brent Thill 布伦特·希尔
Thank you. 谢谢。
Brett Iversen 布雷特·艾弗森
Thanks, Brent. Operator, next question please.
谢谢，布伦特。操作员，请问下一个问题。
Operator 操作员
And the next question comes from the line of Mark Moerdler with Bernstein Research. Please proceed.
接下来的问题来自伯恩斯坦研究的 Mark Moerdler。请继续。
Mark Moerdler 马克·默德勒
Thank you very much for taking my question and congratulates on the quarter and the guidance. I want to follow up on the AI, obviously. We’re seeing companies shifting their IT spending to invest in and learn about AI rather than receiving additional budgets for AI. At some point, for AI to be transformative, as everyone expects, it needs to be accretive to spending. Satya, when do you believe AI will hit the maturity level, will be net increase to IT or outside of IT spending? And what would be the leading indicators of that maturation? And Amy, am I characterizing this correctly as it relates to Azure? Some projects are being delayed so that, that spending could be shifted from core Azure toward Azure AI? Thank you.
非常感谢您提出我的问题并祝贺季度和指导。我想跟进人工智能方面。显然，我们看到公司将他们的 IT 支出转向投资和学习人工智能，而不是为人工智能获得额外预算。在某个时候，为了人工智能能够像每个人期望的那样具有变革性，它需要对支出产生增值。Satya，您认为人工智能何时会达到成熟水平，将对 IT 支出或 IT 之外的支出产生净增长？那种成熟的主要指标是什么？Amy，我是否正确地描述了这一点与 Azure 有关？一些项目正在延迟，以便将支出从核心 Azure 转向 Azure 人工智能？谢谢。
Satya Nadella 萨蒂亚·纳德拉
Yes. Great set of questions, Mark. Let me just start by saying, a good place to start is to watch what’s happening in terms of standard issues for software teams, right? I mean if you think about it, they bought tools in the past. Now, you basically buy tools plus Copilot, right? So, you could even say that this is characterized as perhaps shift of what is OpEx dollars into effectively tool spend because it gives operating leverage to all of the OpEx dollars you’re spending today, right?
是的。马克，这是一组很棒的问题。让我先说一下，一个好的起点是观察软件团队在标准问题方面发生的情况，对吧？我是说，如果你想一想，他们过去购买了工具。现在，基本上是购买工具再加上 Copilot，对吧？所以，你甚至可以说，这可能被描述为将 OpEx 美元转移到有效的工具支出，因为它为你今天花费的所有 OpEx 美元提供了运营杠杆，对吧？
That’s really a good example of, I think, what’s going to happen across the board. We see that in customer service. We see that in sales. We see that in marketing. Anywhere, there’s operations. That’s why I described it as knowledge turns. You can even think of it as lean for knowledge work, right, because it just reduces waste, increases speed, and customer value. And so, one of the interesting rate limiters here is culture change inside of organizations. When I say culture change that means process change. And Amy referenced this even in her answer to the first question because at the end of the day companies will have to take a process, simplify the process, automate the process, and apply these solutions.
这真的是一个很好的例子，我认为这将在各个方面发生。我们在客户服务中看到了这一点。我们在销售中看到了这一点。我们在营销中看到了这一点。无论在哪里，都有运营。这就是为什么我将其描述为知识转变。你甚至可以将其视为知识工作的精益，因为它只会减少浪费，提高速度和客户价值。因此，这里一个有趣的限制因素是组织内部的文化变革。当我说文化变革时，这意味着流程变革。艾米甚至在回答第一个问题时提到了这一点，因为归根结底，公司将不得不采取一种流程，简化流程，自动化流程，并应用这些解决方案。
And so that requires not just technology, but in fact, companies to go do the hard work of culturally changing how they adopt technology to drive that operating leverage. And this is where we are going to see firm-level performance differences. So, one of the things we see is any customer who is working closely with us deploying it internally at Microsoft we see it, right. We’re also taking our own medicine to apply this across every process. And we know that this is not just about technology, it’s about being able to have the methodology that goes with it.
这需要的不仅仅是技术，实际上，公司需要努力进行文化转变，以改变他们采用技术来推动运营杠杆的方式。这就是我们将看到企业层面绩效差异的地方。因此，我们看到的一件事是，任何与我们密切合作，在微软内部部署的客户，我们都看到了。我们也正在自己实践这一方法，将其应用于每一个流程。我们知道，这不仅仅是关于技术，还关乎能够配套的方法论。
And so, we see it in software development. We see it in customer service. We’re seeing it even in the horizontal use of Copilot today where every day people are discovering new workflows that they can optimize. And so, that’s like the PC when it became standard issue in early 1990s. That’s the closest analogy I can come up with. And so, yes, it will take time for it to percolate through the economy, but this is faster diffusion, faster rate of adoption than anything we have seen in the past, as evidenced even by Copilot, right. It’s faster than any suite we have sold in the past, but it is going to require workflow and process change.
因此，我们在软件开发中看到了这一点。我们在客户服务中看到了这一点。甚至在今天的 Copilot 的水平使用中，我们正在看到每天人们发现他们可以优化的新工作流程。这就像在 1990 年代初成为标准配置的个人电脑一样。这是我能想到的最接近的类比。是的，它需要时间才能在经济中传播，但这是比过去任何时候都更快的扩散速度，更快的采纳速度，正如 Copilot 所证明的那样。它比我们过去销售的任何套件都要快，但这将需要工作流程和流程的改变。
个人助手的描述不如皮衣黄对推荐引擎的描述，token和tokenize更接近正在发生的事实，说的明白=做的明白。
Amy Hood 艾米·胡德
And Mark, maybe to answer your question on, are we seeing project starts transition from maybe the – something that was core consumption to an AI project? In our results, that’s not what we saw. We saw more what Satya was speaking to earlier, which is, you see maybe growth in migrations again. You’re seeing work in the data space, again, and you’re seeing AI project starts.
马克，也许回答你的问题，我们是否看到项目启动从核心消费转向 AI 项目？在我们的结果中，我们没有看到这种情况。我们看到更多的是萨蒂亚之前提到的，即再次看到迁移增长。你会再次看到数据领域的工作，以及 AI 项目的启动。
And I think that’s why maybe you see our growth be different, of course, than you see IT budget spend. It’s because it’s a share, I think, improvement plus also really focusing on what Satya said, it’s about spending maybe in other areas that we don’t traditionally think of as being in the IT budget spend under a CIO. It’s spend being done by the Head of Customer Service, it’s spend being done by the Head of Marketing. And I do think that will be important as we think about the opportunity ahead.
我认为这可能是为什么你看到我们的增长与你看到的 IT 预算支出不同的原因。这是因为这是一个共享，我认为，改进加上真正专注于萨蒂亚所说的，这是关于在其他我们传统上不认为属于 CIO IT 预算支出的领域可能进行支出。这是由客户服务负责人完成的支出，由市场营销负责人完成的支出。我认为当我们考虑前方的机会时，这将是重要的。
Mark Moerdler 马克·默德勒
Incredibly helpful. Thank you both.
非常有帮助。谢谢你们两个。
Brett Iversen 布雷特·艾弗森
Thanks, Mark. Operator, next question please.
谢谢，马克。操作员，请问下一个问题。
Operator 操作员
The next question comes from the line of Karl Keirstead with UBS. Please proceed.
下一个问题来自瑞银的 Karl Keirstead。请继续。
Karl Keirstead 卡尔·凯斯特德
Thank you. And Satya and Amy, congrats on these outstanding Azure results. I’d love to hone in a little bit on the seven-point lift to Azure growth from AI, outstanding number, but it’s leveling off a little bit from six points in December. I’m wondering if you could unpack that a little bit. To what extent did the capacity issues that you Amy highlighted on the call, impact that number? Is there any seasonality? I wouldn’t think so or any other factor that can swing around that number that you’d advise us to keep in mind? Thanks so much.
谢谢。Satya 和 Amy，恭喜你们取得出色的 Azure 成果。我想稍微深入探讨一下 AI 对 Azure 增长的七点提升，这是一个出色的数字，但从去年十二月的六点开始有所平稳。我想知道你们是否能稍微解释一下。Amy 在通话中提到的容量问题对这个数字有多大影响？是否有季节性因素？我认为不会有，或者有其他因素会影响这个数字，你们建议我们要牢记的吗？非常感谢。
Amy Hood 艾米·胡德
Thanks, Karl. There’s not a seasonality to the numbers. So, you’re absolutely right to start there, and it’s a good question. The way to think about it is a bit more by – it is how much capacity we have in play and how much capacity that we have to sell on the inferencing side, in particular. And so, that is partially why you see the capital investment in the shape that is, is because right this minute, we do have demand that exceeds our supply by a bit. So, it is fair to say that, that could have been an impact on the number for the quarter and it does impact a little bit the number in Q4.
谢谢，卡尔。这些数字没有季节性。所以，你完全正确从那里开始，这是一个很好的问题。思考的方式更多地是——我们有多少能力投入，以及我们在推理方面有多少能力可以销售。因此，这部分是你看到资本投资形式的原因，因为就在此刻，我们的需求超过了我们的供应一点。因此，可以说，这可能对本季度的数字产生影响，并且确实会在第四季度的数字上产生一些影响。
Karl Keirstead 卡尔·凯斯特德
Okay. Helpful. Thank you.
好的。有帮助。谢谢。
Brett Iversen 布雷特·艾弗森
Thanks, Karl. Operator, next question please.
谢谢，卡尔。操作员，请问下一个问题。
Operator 操作员
And the next question comes from the line of Raimo Lenschow with Barclays. Please proceed.
下一个问题来自巴克莱的莱莫·伦肖，请继续。
Raimo Lenschow 雷莫·伦肖
Thank you. I have more conceptual question for Satya. If you think about Copilots and what you're doing there, you're kind of impacting a lot of this in businesses and the opportunities seem very broad-based. How do you think this will play out in the industry between you guys offering certain Copilots versus like the rest of the industry following and everyone seems to have a Copilot now and seems to be talking about it. How does that impact what do you want to do, your partner strategy going forward? Thank you.
谢谢。我有一个更概念性的问题要问 Satya。如果你考虑 Copilots 以及你在那里所做的事情，你似乎在很多企业中产生了影响，机会似乎非常广泛。你认为这将如何在你们提供某些 Copilots 与其他行业跟随之间发挥作用，每个人似乎现在都有一个 Copilot 并且似乎都在谈论它。这会对你想要做的事情，你的合作伙伴战略产生什么影响？谢谢。
Satya Nadella 萨蒂亚·纳德拉
Yes, it's a great question. So the way we see it play out is, if you think about it, the way Office was used broadly for knowledge work was in the context of business processes, right? So it's not like – when people do knowledge work, they're not doing knowledge work, they're doing knowledge work and support of making progress in the context of sales enablement, customer service, revenue ops, supply chain or what have you, right? So that's the first thing to note. And they do it inside of e-mail. They do it inside of Teams. They do it inside of Excel, PowerPoint, Word and what have you.
是的，这是一个很好的问题。我们认为它的发展方式是，如果你考虑一下，Office 被广泛用于知识工作是在业务流程的背景下，对吧？所以不是像-当人们进行知识工作时，他们不只是在进行知识工作，他们是在支持销售推动、客户服务、收入运营、供应链等方面取得进展，对吧？这是要注意的第一点。他们在电子邮件中这样做。他们在 Teams 中这样做。他们在 Excel、PowerPoint、Word 等软件中这样做。
Now we have the ability to essentially bridge the work and the work artifacts inside of these knowledge worker tools with the workflow and the business process and the business process data. So when we think about our Copilot, our Copilot has that ability to integrate, whether it's with ServiceNow, it has the ability to integrate with SAP with Salesforce, with obviously Dynamics. That's what we are seeing.
现在，我们有能力基本上在这些知识工作者工具内部桥接工作和工作产品与工作流程、业务流程和业务流程数据。因此，当我们考虑我们的 Copilot 时，我们的 Copilot 具有集成的能力，无论是与 ServiceNow 集成，还是与 SAP、Salesforce 以及显然的 Dynamics 集成。这就是我们所看到的。
In fact, you'll hear us talk a lot about it at our developer conference, which is the extensibility and Copilot Studio is really off to the races in terms of the product that most people are excited because one of the things in the enterprise if you want to ground your Copilot with enterprise data, which is in all of these SaaS applications and Copilot Studio is the tool to use it, to make that happen.
事实上，在我们的开发者大会上，您会听到我们谈论很多关于它的内容，即可扩展性和 Copilot Studio 实际上在产品方面已经起步，大多数人都感到兴奋，因为在企业中，如果您想要将您的 Copilot 与企业数据联系起来，这些数据都存储在所有这些 SaaS 应用程序中，Copilot Studio 就是用来实现这一目标的工具。
And so that's what we are seeing, which is we are building a Copilot, which also happens to be an orchestrator of all in other Copilots, which to us appear as extensions. And net-net, what happens is some of these knowledge worker tools that people have used all the time, right? Because when you think about Teams, when you're having a meeting, you're not doing a random meeting, the meeting is in the context of some business process. It could be a supply chain meeting where you're trying to understand which suppliers to bet on or what terms to do.
这就是我们所看到的，我们正在构建一个副驾驶，它也恰好是其他所有副驾驶的编排者，对我们来说，它们看起来像是扩展。总的来说，发生的是一些知识工作者工具，人们一直在使用，对吧？因为当你考虑团队时，当你开会时，你不是在进行随机会议，会议是在某个业务流程的背景下进行的。它可能是一个供应链会议，你试图了解哪些供应商值得投资或者应该采取什么条款。
And so now you can access all that data right in the Team's context. So that's I think what's exciting for us, having built all these horizontal tools, which I would say we're under underappreciated for the amount of work. How people use those tools to make progress on business process, but we now get to bridge that between the business applications and knowledge worker tools, tomorrow horizontally.
所以现在您可以在团队的上下文中访问所有这些数据。我认为这对我们来说是令人兴奋的，因为我们已经构建了所有这些水平工具，我想说我们为这些工作量被低估了。人们如何利用这些工具来推动业务流程，但我们现在可以在明天横向地在业务应用程序和知识工作者工具之间架起桥梁。
微软对AI的具体实践值得观察，生成式人工智能在现实世界能起多大的作用？微软能成功，其他企业是不是也能成功，或许可以用的更好，微软擅长的公司业务是比较复杂难搞的领域。
Raimo Lenschow 雷莫·伦肖
Okay. Perfect. Thank you.
好的。完美。谢谢。
Brett Iversen 布雷特·艾弗森
Thanks Raimo. Operator, next question please.
谢谢雷莫。操作员，请问下一个问题。
Operator 操作员
And the next question comes from the line of Michael Turrin with Wells Fargo. Please proceed.
下一个问题来自富国银行的 Michael Turrin。请继续。
Michael Turrin 迈克尔·特林
Hey. Great. Appreciate you taking the question. I wanted to go back to Azure. You've been hinting at stabilization there for the past couple of quarters, but still very good to see the balance. Maybe you can expand on just what the commercial bookings number, appreciating the variability there does in terms of visibility. And any characterization you can give us around what you're seeing in areas like cost optimization and core workload growth coming back is just helpful context for us in unpacking the numbers. Thank you.
嘿。太好了。感谢您回答问题。我想回到 Azure。在过去几个季度中，您一直在暗示那里的稳定性，但看到平衡还是非常好的。也许您可以详细说明商业预订数字，感谢您在可见性方面的变化。您能否就成本优化和核心工作负载增长等方面给我们提供一些描述，这对我们解读数字很有帮助。谢谢。
Amy Hood 艾米·胡德
Thanks, Michael. 谢谢，迈克尔。
I may take those a bit in reverse. It's a little easier to address them. When you think about – we've been talking about sort of stabilization and what you saw this quarter, if you break down the Azure number as you saw, which I think I talked a little bit about with Karl was 7 points of contribution from AI, and you could call them the difference '24 from our core really Azure business. And within that, the activity we saw and the consumption side was really this balance that we were quite used to and have seen throughout the cloud transition. We saw new workload starts and we saw optimizations.
我可能会有点颠倒。这样更容易解决它们。当你考虑 - 我们一直在谈论稳定和本季度你看到的情况，如果你分解 Azure 的数字，你会看到，我认为我和卡尔谈过一点，AI 贡献了 7 个百分点，你可以称之为“24 个来自我们核心真正的 Azure 业务的差异。在其中，我们看到的活动和消费方面实际上是我们非常熟悉的平衡，我们在整个云转型过程中都看到过。我们看到了新的工作负载启动，我们看到了优化。
And then those optimizations create new budget, and you apply it. And that cycle which is actually quite normal. We saw it again this quarter in a balanced way. And I think when we talk about stabilization or even what we saw between Q2 and Q3, which is a bit of acceleration in that core, was a lot of the newer project starts relating back to not just AI starts, but lots of other workflows. The companies are still going from on-prem to cloud, Satya mentioned migrations. And some of that, which I know isn't as exciting as talking about all the AI projects. This is still really foundational work to allow companies to take advantage of the cost savings and the total TCO is still really good.
然后这些优化会创造新的预算，然后你应用它。这个循环实际上是非常正常的。我们在本季度再次以平衡的方式看到了这一点。我认为当我们谈论稳定性，甚至是在 Q2 和 Q3 之间看到的一些加速度，这是核心中很多新项目的开始，不仅仅是 AI 项目，还有很多其他工作流程。公司仍在从本地转向云端，Satya 提到了迁移。我知道这些并不像谈论所有 AI 项目那样令人兴奋。这仍然是为了让公司利用成本节约和总体 TCO 的基础性工作。
And so I think that balance is really what you saw this quarter, and I do feel like there wasn't really a big difference, Michael, across industries or across geos. So I would say it was actually pretty consistent is the other maybe texture that I could give you to that question. And so then when you're saying do we keep sort of pointing to stabilization, I really do look sort of workload to workload. What are we seeing? Where it starts? And this one actually felt quite balanced and optimization looks like they normally would, which by the way, is super important.
所以我认为平衡确实是你在这个季度看到的，我觉得迈克尔，在不同行业或地理区域之间并没有真正的巨大差异。所以我会说实际上是相当一致的，这可能是我可以给你的另一种描述。所以当你说我们是否继续指向稳定时，我真的会看着工作量。我们看到了什么？它从哪里开始？这次实际上感觉相当平衡，优化看起来像他们通常会的那样，顺便说一句，这是非常重要的。
It's something we encourage customers to do. You want to run your workloads as efficiently as you possibly can. It's critical to customers being able to grow and get value out of that. So I sometimes think we – you all may ask the question more as a negative. And for us, it's just about a healthy cycle at the customer account level.
这是我们鼓励客户做的事情。您希望尽可能高效地运行工作负载。对于客户能够增长并从中获得价值至关重要。所以我有时认为我们——你们可能更多地将问题提出为负面。对我们来说，这只是客户账户层面上的一个健康循环。
Michael Turrin 迈克尔·特林
Consistent core cloud growth is still pretty exciting to us as well. Thank you.
一致的核心云增长对我们来说仍然非常令人兴奋。谢谢。
Amy Hood 艾米·胡德
Thank you. 谢谢。
Brett Iversen 布雷特·艾弗森
Thanks, Michael. Operator, next question please?
谢谢，迈克尔。操作员，请问下一个问题？
Operator 操作员
The next question comes from the line of Kirk Materne with Evercore ISI. Please proceed.
下一个问题来自 Evercore ISI 的 Kirk Materne。请继续。
Kirk Materne 柯克·马特恩
Yes. Thanks for taking the question. I'll add my congrats in the quarter. Hey Satya, I was wondering if you could chime in on a discussion that comes up a lot with investors, which is, is there a sort of data quality problem in the market in terms of being able to take advantage of all these new GenAI capabilities? And I was just curious, if you could comment on, do you see companies making inroads on sort of addressing that? And do you see that as sort of an inhibitor to AI growth at all at this point? Thanks.
是的。感谢您提出这个问题。我会在季度里加入我的祝贺。嘿，萨蒂亚，我在想您是否能就投资者经常提到的一个问题发表意见，即市场上是否存在一种数据质量问题，以便利用所有这些新的 GenAI 能力？我只是好奇，您是否能评论一下，您是否看到公司在解决这个问题方面取得了进展？您是否认为这在目前阻碍了 AI 的增长？谢谢。
Satya Nadella 萨蒂亚·纳德拉
Yes, it's a great question because there are two sets of things in order to make sense for successful deployment of these new AI capabilities. I mean if you sort of say this, what is this AI, it does two things, right? There's a new user experience, there is a natural language interface and second thing is it's the reasoning engine. And the reasoning engine requires good data, and it's good requires, good data for grounding, right?
是的，这是一个很好的问题，因为为了成功部署这些新的人工智能能力，有两组事物需要合理。我的意思是，如果你这样说，这个人工智能做了两件事，对吧？有一个新的用户体验，有一个自然语言界面，第二个是推理引擎。推理引擎需要良好的数据，它需要良好的数据来作为基础，对吧？
So people talk about something called retrieval augmented generation. And in that context, having good grounding data that then help with the reasoning, I think, is helpful. And then, of course, people are also looking to sort of fine-tune or RLHF or essentially take the large model and ground it further. So all of these tools are now available, the sophistication of how to people can deploy these models across various business processes where there is data and where there is tuning of these models is also getting more widespread, even at system integrators and other developers are there to help enterprises. So all that's maturing.
人们谈论一种称为检索增强生成的东西。在这种情况下，拥有良好的基础数据，然后帮助推理，我认为是有帮助的。当然，人们也在寻求对大型模型进行微调或 RLHF，或者基本上进一步巩固。现在所有这些工具都可用，人们如何部署这些模型到各种业务流程中，那里有数据，那里有这些模型的调整，这种复杂性也变得更加普遍，即使在系统集成商和其他开发人员也在帮助企业。所以一切都在成熟。
So we feel good. And this is what I think on the commercial side, these are some of the harder problems to solve broad consumer, right? I mean I think this is a couple of orders of magnitude of improvements in, I'll call it, our models before we can sort of have more sophisticated open-ended consumer scenarios. Whereas in the enterprise, these are all things we can go tackle. Again, I point to get up, if you think about how it's got an entire system, right? It's just not an AI model. It's the, AI – the user experience, scaffolding, the editor, the chat, then interpreter and the debugger work along with the continuations of the model to help essentially create these reasoning traces, which help the entire thing work.
所以我们感觉很好。这是我在商业方面的想法，这些是一些更难解决的广泛消费者问题，对吧？我的意思是，我认为在我们能够拥有更复杂的开放式消费者场景之前，我们的模型需要有几个数量级的改进。而在企业中，这些都是我们可以解决的问题。再次，我指向 get up，如果你考虑它是如何拥有一个完整的系统的，对吧？这不仅仅是一个 AI 模型。它是 AI - 用户体验，脚手架，编辑器，聊天，解释器和调试器与模型的延续一起工作，帮助基本上创建这些推理迹象，这些推理迹象有助于整个系统的运行。
And effectively, what we are doing with Copilot, Copilot Studio and connectors to all these business systems, think of it as we are creating GitHub Copilot like scenarios for every business system. That's what I think is going to have both what Amy referenced is business value and better grounding. But you're absolutely right in saying a lot of work we're doing with Fabric or Cosmos or PostgreSQL is about preparing that data so that it can be integrated with these AI projects.
有效地说，我们通过 Copilot、Copilot Studio 和与所有这些业务系统的连接器所做的事情，可以将其视为我们为每个业务系统创建 GitHub Copilot 类似的场景。我认为这将同时具有艾米提到的商业价值和更好的基础。但你绝对是对的，我们与 Fabric、Cosmos 或 PostgreSQL 所做的大量工作是为了准备数据，以便将其与这些 AI 项目集成。
Kirk Materne 柯克·马特恩
Thank you. 谢谢。
Brett Iversen 布雷特·艾弗森
Thanks, Kirk. Operator, we have time for one last question.
谢谢，柯克。操作员，我们还有时间最后一个问题。
Operator 操作员
Our last question will come from the line of Alex Zukin with Wolfe Research. Please proceed.
我们的最后一个问题将来自 Wolfe Research 的 Alex Zukin。请继续。
Alex Zukin 亚历克斯·祖金
Hey guys. Thanks for taking the question. I wanted to ask the AI question but from a Microsoft 365 Copilot perspective. I think you talked a little bit about starting to see some of those impacts positively in the quarter on the office business. I wanted to ask more broadly around that capacity constraint that you alluded to in your prepared remarks, Amy. And kind of how does the easing – how tied are we like as you invest for that CapEx and bring more of the capacity online. How much does that unlock or unlock the ability to deliver both a higher Azure AI number as well as a higher Microsoft 365 Copilot number.
嘿，大家。谢谢你们回答问题。我想问一个关于人工智能的问题，但是从微软 365 Copilot 的角度来看。我觉得你们在季度内谈到了一些对办公业务产生积极影响的内容。我想更广泛地询问一下你在准备好的发言中提到的容量限制，艾米。在你们投资资本支出并将更多容量投入使用的过程中，这种缓解的程度如何？这将如何影响提供更高的 Azure 人工智能数字以及更高的微软 365 Copilot 数字的能力。
Amy Hood 艾米·胡德
Thanks for the question. It's a good opportunity to clarify. And I would not say that there is a capacity constraint on the Copilots. It's a real priority for us to make sure we optimize the allocation of our capacity to make sure that those per user businesses are able to continue to grow. And so think about that as our priority one. And so then what that does mean is capacity constraints when we have them, you'll tend to see them on the Azure infrastructure side, the consumption side of the business is a better way of thinking about it
感谢提问。这是一个澄清的好机会。我不会说副驾驶员有容量限制。确保我们优化我们的能力分配，以确保那些每个用户的业务能够继续增长是我们的真正优先事项。所以把这视为我们的首要任务。这意味着当我们遇到容量限制时，你会倾向于在 Azure 基础设施方面看到它们，将业务的消耗方面作为更好的思考方式。
Alex Zukin 亚历克斯·祖金
Perfect. Thank you. 完美。谢谢。
Brett Iversen 布雷特·艾弗森
Thanks, Alex. That wraps up the Q&A portion of today's earnings call. Thank you for joining us today, and we look forward to speaking with all of you soon.
谢谢，Alex。今天的收益电话会议的问答环节就到这里。感谢您今天加入我们，我们期待很快与大家交流。
Satya Nadella 萨蒂亚·纳德拉
Thank you all. 谢谢大家。
Amy Hood 艾米·胡德
Thank you. 谢谢。
Operator 操作员
This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day.
今天的会议到此结束。您现在可以断开通话。祝您度过愉快的一天。
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