2025-01-29 Microsoft Corporation (MSFT) Q2 2025 Earnings Call Transcript

Microsoft Corporation (NASDAQ:MSFT) Q2 2025 Earnings Conference Call January 29, 2025 5:30 PM ET

Company Participants

Brett Iversen - Vice President of Investor Relations

Satya Nadella - Chairman and Chief Executive Officer

Amy Hood - Executive Vice President and Chief Financial Officer

Conference Call Participants

Keith Weiss - Morgan Stanley

Mark Moerdler - Bernstein Research

Brent Thill - Jefferies

Karl Keirstead - UBS

Brad Zelnick - Deutsche Bank

Brad Reback - Stifel

Bradley Sills - Bank of America

Brent Bracelin - Piper Sandler

Operator

Greetings and welcome to the Microsoft Fiscal Year 2025 Second Quarter Earnings Conference Call.

欢迎来到微软 2025 财年第二季度财报电话会议。

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.

此时，所有参会者均处于只听模式。在正式演讲之后，将进行问答环节。[操作员指示] 请注意，本次会议正在录音。

It is now my pleasure to introduce your host, Brett Iversen, Vice President of Investor Relations. Please go ahead.

现在，很荣幸向大家介绍您的主持人，微软投资者关系副总裁 Brett Iversen。请开始。

Brett Iversen

Good afternoon, and thank you for joining us today.

下午好，感谢大家今天拨冗参加会议。

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.

与我一同出席本次电话会议的有：微软董事长兼首席执行官萨提亚·纳德拉（Satya Nadella）、首席财务官艾米·胡德（Amy Hood）、首席会计官爱丽丝·乔拉（Alice Jolla）以及公司秘书兼副总法律顾问基思·多利弗（Keith Dolliver）。

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.

在微软投资者关系网站上，您可以找到我们的财报新闻稿和财务摘要幻灯片，这些资料旨在补充我们今天电话会议上的发言，并提供 GAAP 与非 GAAP 财务指标之间差异的对账信息。

More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.

当我们在今天的会议上提供业绩展望评论时，微软投资者关系网站上将提供更详细的展望幻灯片。

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.

在本次电话会议上，我们将讨论某些非 GAAP 项目。提供的非 GAAP 财务指标不应被视为 GAAP 财务业绩指标的替代或更优选项。

They are included as additional clarifying items to aid investors in further understanding the company's second quarter performance in addition to the impact these items and events have on the financial results.

这些指标作为额外的说明项目，以帮助投资者进一步理解公司在第二季度的表现，以及这些项目和事件对财务业绩的影响。

All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted.

除非另有说明，我们在今天电话会议上进行的所有增长对比均与去年同期数据相对应。

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.

我们还将在可能的情况下提供不变汇率下的增长率，以作为评估公司基础业务表现的参考框架，从而剔除外汇汇率波动的影响。

Where growth rates are the same in constant currency, we will refer to the growth rate only.

如果不变汇率下的增长率相同，我们将仅引用该增长率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available.

我们将在会议结束后立即将我们的发言内容发布至公司网站，直至完整的会议记录可用。

Today's call is being webcast live and recorded.

今天的电话会议正在进行实时网络直播并录音。

If you ask a question, it will be included in our live transmission, in the transcript, and in any future use of the recording.

如果您提出问题，该问题将被包含在我们的直播、会议记录以及未来可能使用的录音中。

You can replay the call and view the transcript on the Microsoft Investor Relations website.

您可以在微软投资者关系网站上回放本次电话会议并查看会议记录。

During this call, we'll be making forward-looking statements, which are predictions, projections, or other statements about future events.

在本次电话会议上，我们将发表前瞻性声明，这些声明包括预测、预期或其他关于未来事件的表述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

这些声明基于当前的预期和假设，但仍受风险和不确定性的影响。

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.

实际结果可能会因多种因素而与预期存在重大差异，这些因素已在今天的财报新闻稿、本次电话会议的评论，以及公司提交给美国证券交易委员会（SEC）的 10-K 报告、10-Q 报告及其他文件的“风险因素”部分中有所讨论。

We do not undertake any duty to update any forward-looking statement.

我们不承担更新任何前瞻性声明的义务。

And with that, I'll turn the call over to Satya.

接下来，我将电话会议交给萨提亚。

Satya Nadella

Thank you, Brett. This quarter we saw continued strength in Microsoft Cloud, which surpassed $40 billion in revenue for the first time, up 21% year-over-year.

谢谢你，Brett。本季度，微软云持续表现强劲，首次突破 400 亿美元营收，同比增长 21%。

Enterprises are beginning to move from proof-of-concepts to enterprise-wide deployments to unlock the full ROI of AI. And our AI business has now surpassed an annual revenue run rate of $13 billion up 175% year-over-year.

企业正逐步从概念验证阶段转向全企业范围的部署，以充分释放人工智能的投资回报率。我们的 AI 业务现在已经突破 130 亿美元的年收入运行率，同比增长 175%。

Before I get into the details of the quarter, I want to comment on the core thesis behind our approach to how we manage our fleet and how we allocate our capital to compute.

在介绍本季度的具体情况之前，我想先谈谈我们在管理计算集群和计算资源投资方面的核心理念。

AI scaling laws are continuing to compound across both pre-training and inference time compute. We ourselves have been seeing significant efficiency gains in both training and inference for years now.

AI 的扩展法则正在训练和推理计算领域持续复合增长。多年来，我们自己在训练和推理方面都取得了显著的效率提升。

On inference, we have typically seen more than 2x price performance gain for every hardware generation and more than 10x for every model generation due to software optimizations.

在推理方面，由于软件优化，我们通常看到每一代硬件的价格性能比提高超过 2 倍，而每一代模型的性能提升超过 10 倍。

And as AI becomes more efficient and accessible, we will see exponentially more demand.

随着 AI 变得更加高效和易用，我们将看到需求呈指数级增长。

Therefore, much as we have done with the Commercial Cloud, we are focused on continuously scaling our fleet globally and maintaining the right balance across training and inference as well as geo distribution.

因此，就像我们在商业云领域所做的那样，我们专注于全球范围内持续扩展计算集群，并在训练、推理及地理分布之间保持适当的平衡。

From now on it's a more continuous cycle governed by both revenue growth and capability growth, thanks to the compounding effects of software-driven AI scaling laws and Moore's Law.

从现在开始，这将是一个由收入增长和能力提升共同推动的持续循环，这要归功于软件驱动的 AI 扩展法则和摩尔定律的复合效应。

With that, I will walk through the progress we are making across every layer of the tech stack.

接下来，我将介绍我们在技术堆栈各个层面取得的进展。

Azure is the infrastructure layer for AI. We continue to expand our data center capacity in line with both near-term and long-term demand signals.

Azure 是 AI 的基础设施层。我们正在持续扩展数据中心容量，以满足短期和长期的需求信号。

We have more than doubled our overall data center capacity in the last three years and we have added more capacity last year than any other year in our history.

在过去三年里，我们的数据中心整体容量增长了两倍多，去年新增的容量比微软历史上任何一年都要多。

Our data centers, networks, racks and silicon are all coming together as a complete system to drive new efficiencies to power both the cloud workloads of today and the next generation AI workloads.

我们的数据中心、网络、服务器机架和芯片正作为一个完整的系统协同工作，以提升效率，支撑当今的云计算任务以及下一代 AI 计算任务。

We continue to take advantage of Moore's Law and refresh our fleet as evidenced by our support of the latest from AMD, Intel, NVIDIA as well as our first-party silicon innovation from Maia, Cobalt, Boost and HSM.

我们持续利用摩尔定律来更新计算集群，这可以从我们对 AMD、Intel、NVIDIA 最新技术的支持，以及我们自主研发的 Maia、Cobalt、Boost 和 HSM 芯片创新中得到印证。

When it comes to cloud migrations, we continue to see customers like UBS move workloads to Azure.

在云迁移方面，我们继续看到像瑞银（UBS）这样的客户将其工作负载迁移到 Azure。

UBS alone migrated mainframe workloads encompassing nearly 400 billion records and 2 petabytes of data.

瑞银单独迁移的主机工作负载就包含近 4000 亿条记录和 2 PB（拍字节）数据。

And we remain the cloud of choice for customers' mission-critical Oracle, SAP and VMware apps.

我们仍然是客户关键任务型 Oracle、SAP 和 VMware 应用的首选云平台。

At the data layer, we are seeing Microsoft Fabric breakout. We now have over 19,000 paid customers from Hitachi to Johnson Controls to Schaeffler.

在数据层，我们看到 Microsoft Fabric 取得突破。我们目前拥有超过 19,000 家付费客户，包括日立、江森自控和舍弗勒等企业。

Fabric is now the fastest growing analytics product in our history.

Fabric 现在是微软历史上增长最快的分析产品。

Power BI is also deeply integrated with Fabric with over 30 million monthly active users, up 40% since last year.

Power BI 也已与 Fabric 深度集成，其月活跃用户超过 3000 万，同比增长 40%。

Beyond Fabric, we are seeing new AI-driven data patterns emerge.

除了 Fabric，我们还看到新的 AI 驱动数据模式正在出现。

If you look underneath ChatGPT or Copilot or Enterprise AI apps, you see the growth of raw storage, database services and app platform services as these workloads scale.

如果你深入观察 ChatGPT、Copilot 或企业级 AI 应用，就会发现，随着这些工作负载的扩展，原始存储、数据库服务和应用平台服务的需求正在增长。

The number of Azure OpenAI apps running on Azure databases and Azure app services more than doubled year-over-year driving significant growth and adoption across SQL Hyperscale and Cosmos DB.

运行在 Azure 数据库和 Azure 应用服务上的 Azure OpenAI 应用数量同比增长超过两倍，推动了 SQL Hyperscale 和 Cosmos DB 的显著增长和广泛采用。

Now on to AI platform and tools, as we shared last week we are thrilled OpenAI has made a new large Azure commitment.

现在谈到 AI 平台和工具，正如我们上周分享的，我们非常高兴 OpenAI 作出了新的大规模 Azure 承诺。

Through our strategic partnership we continue to benefit mutually from each other's growth and with OpenAI's APIs exclusively running on Azure customers can count on us to get access to the world's leading models and OpenAI has a lot more coming soon, so stay tuned.

通过我们的战略合作伙伴关系，我们持续从彼此的增长中获益，并且 OpenAI 的 API 仅在 Azure 上运行，客户可以依靠我们来访问世界领先的模型。此外，OpenAI 还将推出更多产品，敬请期待。

Azure AI Foundry features best-in-class tooling, run times to build agents, multi-agent apps, AI ops, API access to thousands of models.

Azure AI Foundry 提供业内一流的工具、运行时环境，可用于构建智能体、多智能体应用、AI 运维，并支持 API 访问数千种模型。

Two months in, we already have more than 200,000 monthly active users and we are well positioned with our support of both OpenAI's leading models and the best selection of Open Source models and SLMs.

推出仅两个月，我们的月活跃用户已超过 20 万，并且凭借对 OpenAI 领先模型以及最佳开源模型和 SLM（小型语言模型）的支持，我们处于有利位置。

DeepSeek's R1 launched today via the model catalog on Foundry and GitHub with automated red teaming, content safety integration and security scanning.

DeepSeek 的 R1 模型今天正式通过 Foundry 和 GitHub 的模型目录发布，具备自动化对抗测试、内容安全集成和安全扫描功能。

Our Phi family of SLMs has now been downloaded over 20 million times and we also have more than 30 models from partners like Bayer, Paige.AI, Rockwell Automation, Siemens to address industry specific use cases.

我们的 Phi 系列 SLM 目前已被下载超过 2000 万次，同时，我们还与拜耳（Bayer）、Paige.AI、罗克韦尔自动化（Rockwell Automation）、西门子（Siemens）等合作伙伴提供 30 多种模型，以满足不同行业的特定应用需求。

With AI, how we build, deploy and maintain code is fundamentally changing.

在 AI 的推动下，我们构建、部署和维护代码的方式正在发生根本性变化。

And GitHub Copilot is increasingly the tool of choice for both digital natives like ASOS and Spotify as well as the world's largest enterprises like HP, HSBC and KPMG.

GitHub Copilot 正日益成为 ASOS、Spotify 等数字原生企业，以及 HP、汇丰银行（HSBC）和毕马威（KPMG）等全球最大企业的首选工具。

We've been delighted by the early response to GitHub Copilot and VS Code with more than a million sign-ups in just the first week post launch.

我们对 GitHub Copilot 和 VS Code 的早期市场反响感到非常高兴，仅在发布后的第一周，就有超过 100 万用户注册。

All up GitHub now is home to 150 million developers up 50% over the past two years.

目前，GitHub 已成为 1.5 亿开发者的家园，过去两年增长了 50%。

Now on to the future of work. Microsoft 365 Copilot is the UI for AI.

现在谈谈工作的未来。Microsoft 365 Copilot 是 AI 的用户界面。

It helps supercharge employee productivity and provides access to a swarm of intelligent agents to streamline employee workflow.

它有助于大幅提升员工生产力，并提供一系列智能代理，优化员工的工作流程。

We are seeing accelerated customer adoption across all deal sizes as we win new Microsoft 365 Copilot customers and see the majority of existing enterprise customers come back to purchase more seats.

我们看到各类规模的客户加速采用 Microsoft 365 Copilot，不仅不断赢得新客户，而且大多数现有企业客户也在回购更多席位。

When you look at customers who purchased Copilot during the first quarter of availability, they have expanded their seats collectively by more than 10x over the past 18 months.

如果观察首季度购买 Copilot 的客户，他们在过去 18 个月内总共扩展了超过 10 倍的席位。

To share just one example, Novartis has added thousands of seats each quarter over the past year and now have 40,000 seats.

举一个例子，诺华（Novartis）在过去一年每个季度都增加了数千个席位，目前席位数已达到 40,000。

Barclays, Carrier Group, Pearson and University of Miami all purchased 10,000 or more seats this quarter.

巴克莱（Barclays）、开利集团（Carrier Group）、培生（Pearson）和迈阿密大学（University of Miami）在本季度均购买了 10,000 个或更多席位。

And overall the number of people who use Copilot daily again more than doubled quarter-over-quarter.

总体而言，每日使用 Copilot 的用户数量在本季度再次实现了超过两倍的增长。

Employees are also engaging with Copilot more than ever.

员工与 Copilot 的互动比以往任何时候都更加频繁。

Usage intensity increased more than 60% quarter-over-quarter and we are expanding our TAM with Copilot Chat which was announced earlier this month.

Copilot 的使用强度环比增长超过 60%，我们也在通过本月早些时候发布的 Copilot Chat 来扩大我们的总可用市场（TAM）。

Copilot Chat along with Copilot Studio is now available to every employee to start using agents right in the flow of work.

Copilot Chat 和 Copilot Studio 现已开放，所有员工都可以在工作流程中直接使用智能代理。

With Copilot Studio, we are making it as simple to build an agent as it is to create an Excel spreadsheet.

通过 Copilot Studio，我们让构建智能代理变得像创建 Excel 电子表格一样简单。

More than 160,000 organizations have already used Copilot Studio and they collectively created more than 400,000 custom agents in the last three months alone up over 2x quarter-over-quarter.

已有超过 160,000 家组织使用 Copilot Studio，仅在过去三个月内就创建了超过 400,000 个自定义智能代理，环比增长超过 2 倍。

We've also introduced our own first-party agents to facilitate meetings, manage projects, resolve common HR and IT queries and access SharePoint data.

我们还推出了自家的智能代理，以便帮助组织安排会议、管理项目、解决常见的人力资源和 IT 问题，并访问 SharePoint 数据。

And we also continue to see partners like Adobe, SAP, ServiceNow and Workday build their third-party agents and integrate with Copilot.

同时，我们看到 Adobe、SAP、ServiceNow 和 Workday 等合作伙伴正在构建他们的第三方智能代理，并与 Copilot 集成。

What is driving Copilot as the UI for AI as well as our momentum with agents is our rich data cloud which is the world's largest source of organizational knowledge.

推动 Copilot 成为 AI 用户界面（UI）以及智能代理发展的核心动力是我们的丰富数据云，它是全球最大的组织知识来源。

Billions of emails, documents and chats, hundreds of millions of Teams meetings and millions of SharePoint sites are added each day.

每天都有数十亿封电子邮件、文档和聊天记录，数亿场 Teams 会议以及数百万个 SharePoint 站点被新增到我们的云中。

This is the Enterprise Knowledge Cloud. It is growing fast up over 25% year-over-year.

这就是企业知识云（Enterprise Knowledge Cloud）。它正快速增长，年同比增长超过 25%。

More broadly what we are seeing is Copilot plus agents disrupting business applications and we are leaning into this.

更广泛地看，我们看到 Copilot 与智能代理正在颠覆商业应用，我们正积极推动这一趋势。

With Dynamics 365, we took share as organizations like Ecolab, Lenovo, RTX, Total Energies, and Vizient switched to our AI-powered apps from legacy providers.

在 Dynamics 365 方面，我们成功赢得市场份额，Ecolab、联想（Lenovo）、RTX、道达尔能源（Total Energies）和 Vizient 等企业纷纷从传统供应商转向我们的 AI 驱动应用。

In Healthcare, DAX Copilot surpassed 2 million monthly physician-patient encounters, up 54% quarter-over-quarter.

在医疗行业，DAX Copilot 的月度医生-患者互动次数已超过 200 万，环比增长 54%。

It is being used by top providers like Mass General Brigham, Michigan Medicine, and Vanderbilt University Medical Center to increase productivity of their physicians.

它已被麻省总医院（Mass General Brigham）、密歇根医学中心（Michigan Medicine）和范德比尔特大学医学中心（Vanderbilt University Medical Center）等顶级医疗机构采用，以提高医生的工作效率。

When it comes to Windows, we are seeing momentum build as we approach the end of support for Windows 10.

在 Windows 方面，随着 Windows 10 支持即将结束，我们看到市场需求持续增长。

Customers are choosing the latest Windows 11 devices for their enhanced security and advanced AI capabilities.

客户正在选择最新的 Windows 11 设备，以利用其增强的安全性和先进的 AI 功能。

15% of premium-priced laptops in the US this holiday were Copilot+ PCs and we expect the majority of the PCs sold in the next several years to be Copilot+ PCs.

在今年假期，美国 15% 的高端笔记本电脑是 Copilot+ PC，我们预计未来几年销售的大多数 PC 都将是 Copilot+ PC。

We also see more and more developments from Adobe and CapCut to WhatsApp build apps that leverage built-in NPUs.

我们还看到 Adobe、剪映（CapCut）和 WhatsApp 等公司正在开发利用内置 NPU（神经处理单元）的应用程序。

And they will soon be able to run DeepSeek's R1 distilled models locally on Copilot+ PCs as well as the vast ecosystem of GPUs available on Windows.

这些应用程序很快将能够在 Copilot+ PC 本地运行 DeepSeek 的 R1 精炼模型，并利用 Windows 生态系统中广泛可用的 GPU。

And beyond Copilot+ PCs, the most powerful AI workstation for local development is a Windows PC running WSL 2 powered by NVIDIA RTX GPUs.

除了 Copilot+ PC 之外，最强大的本地 AI 开发工作站是运行 WSL 2 并搭载 NVIDIA RTX GPU 的 Windows PC。

Now on to Security. We continue to make progress with our Secure Future initiative and we are applying what we have learned, introducing over 80 new product capabilities over the past year.

现在谈到安全性。我们在“安全未来”计划（Secure Future Initiative）方面持续取得进展，并将所学成果应用于产品，在过去一年内推出了 80 多项新功能。

With Security Copilot, organizations across the private and public sectors like City of Johannesburg, Eastman, Intesa, National Australia Bank, and NTT can resolve incidents 30% faster.

通过 Security Copilot，全球私营和公共部门的组织——如约翰内斯堡市政府（City of Johannesburg）、伊士曼（Eastman）、意大利联合圣保罗银行（Intesa）、澳大利亚国民银行（National Australia Bank）和 NTT——可以将事件响应速度提高 30%。

Data governance is increasingly critical and customers now use Microsoft Purview to audit over 2 billion Copilot interactions for safe and compliant use.

数据治理变得日益关键，客户现在使用 Microsoft Purview 对超过 20 亿次 Copilot 交互进行审计，以确保安全合规使用。

Now on to our consumer businesses starting with LinkedIn.

现在谈谈我们的消费级业务，首先是 LinkedIn。

More professionals than ever are engaging in high-value conversations on LinkedIn with comments up 37% year-over-year.

比以往任何时候都多的专业人士在 LinkedIn 上参与高价值对话，评论量同比增长 37%。

Short-form video continues to grow on the platform with video creation all up growing at twice the rate of other post formats.

短视频在平台上的增长持续加速，视频创作的增长速度是其他帖子格式的两倍。

We're also innovating with agents to help recruiters and small businesses find qualified candidates faster and our hiring business again took share.

我们也在利用智能代理进行创新，帮助招聘人员和小型企业更快地找到合适的候选人，我们的招聘业务再次赢得市场份额。

In subscriptions, LinkedIn Premium surpassed $2 billion in annual revenue for the first time this quarter.

在订阅业务方面，LinkedIn Premium 本季度的年度收入首次突破 20 亿美元。

Subscriber growth has increased nearly 50% over the past two years and nearly 40% of subscribers have used our AI features to improve their profiles.

过去两年，订阅用户增长了近 50%，其中近 40% 的订阅用户使用了我们的 AI 功能来优化他们的个人资料。

And LinkedIn Marketing Solutions remains the leader in B2B advertising.

LinkedIn 营销解决方案仍然是 B2B 广告市场的领导者。

Now on to Search Advertising and News. We once again took share across Bing and Edge.

现在谈谈搜索广告和新闻业务。我们在 Bing 和 Edge 领域再次赢得市场份额。

Edge surpassed 30% market share in the US on Windows and has taken share for 15 consecutive quarters.

Edge 在 Windows 设备上的美国市场份额已超过 30%，并连续 15 个季度增长市场份额。

The investments we have made in improving our ad rates are paying off and advertisers increasingly see our network as an essential platform to optimize ROI.

我们在优化广告投放回报率（ROI）方面的投资正在取得成效，越来越多的广告商将我们的平台视为优化投资回报的关键渠道。

And our Copilot consumer app is seeing increased engagement and retention with its improved speed, unique personality, first-of-its-kind features like Copilot Vision.

我们的 Copilot 消费级应用凭借更快的响应速度、独特的个性，以及 Copilot Vision 等行业首创功能，用户参与度和留存率正在不断提升。

Just today we made Think Deeper powered by o1, free for all Copilot users globally.

就在今天，我们推出了由 o1 提供支持的 Think Deeper，并向全球所有 Copilot 用户免费开放。

Now on to gaming, we are focused on improving the profitability of the business in order to position it for long-term growth driven by higher-margin content and platform services and we are delivering on this plan.

现在谈到游戏业务，我们的重点是提高盈利能力，以更高利润率的内容和平台服务推动长期增长，并且我们正在实现这一计划。

Black Ops 6 was the top-selling game on Xbox and PlayStation this quarter and saw more players in its launch quarter than any other paid release in the franchise history.

《黑色行动 6》（Black Ops 6）在本季度成为 Xbox 和 PlayStation 上销量最高的游戏，其首发季度的玩家数量超过了该系列历史上任何一款付费游戏。

And we saw rave reviews of Indiana Jones and the Great Circle, which has already been played by more than 4 million people.

此外，《印第安纳·琼斯与大圆圈》（Indiana Jones and the Great Circle）也获得了极高评价，目前已有超过 400 万玩家体验。

We also continue to see strong momentum for Xbox Cloud Gaming with a record 140 million hours streamed this quarter.

Xbox 云游戏（Xbox Cloud Gaming）也保持强劲增长势头，本季度游戏流媒体播放时长创下 1.4 亿小时的历史新高。

All-up, Game Pass set a new quarterly record for revenue and grew its PC subscriber base by over 30% as we focus on driving fully paid subscribers across endpoints.

总体而言，Game Pass 在本季度创造了新的收入记录，其 PC 订阅用户数同比增长超过 30%，这得益于我们在各个终端推动全额付费订阅用户的增长。

In closing, we continue to innovate across our tech stack to help our customers in this AI era and I'm energized by the many opportunities ahead.

最后，我们将继续在技术堆栈的各个层面进行创新，以帮助客户在 AI 时代取得成功，我对未来的诸多机遇充满信心。

With that, let me turn it over to Amy.

接下来，我将把会议交给 Amy。

Amy Hood

Thank you, Satya and good afternoon everyone.

谢谢你，Satya。大家下午好。

This quarter revenue was $69.6 billion, up 12%.

本季度收入为 696 亿美元，同比增长 12%。

Gross margin dollars increased 13% and 12% in constant currency, while operating income increased 17% and 16% in constant currency.

毛利额增长 13%，按不变汇率计算增长 12%；营业利润增长 17%，按不变汇率计算增长 16%。

Earnings per share was $3.23, an increase of 10%.

每股收益（EPS）为 3.23 美元，同比增长 10%。

We delivered another quarter of double-digit top and bottom-line growth.

我们再次实现了收入和利润双位数增长。

Results were driven by strong demand for our cloud and AI offerings, while we also improved our operating leverage with higher than expected operating income growth.

这一业绩增长得益于市场对我们云计算和 AI 解决方案的强劲需求，同时我们也通过高于预期的营业收入增长，提高了运营杠杆效应。

As you heard from Satya, our AI business annual revenue run rate surpassed $13 billion and was above expectations.

正如 Satya 提到的，我们的 AI 业务年收入运行率已突破 130 亿美元，超出预期。

Commercial bookings increased 67% and 75% in constant currency and were significantly ahead of expectations driven by Azure commitments from OpenAI.

商业订单增长 67%，按不变汇率计算增长 75%，远超预期，主要受 OpenAI 在 Azure 上的承诺推动。

Execution was strong across our core annuity sales motions with growth in the number of $100 million-plus contracts for both Azure and Microsoft 365.

我们的核心订阅销售模式执行良好，Azure 和 Microsoft 365 的 1 亿美元以上合同数量均有所增长。

Commercial remaining performance obligation increased to $298 billion, up 34% and 36% in constant currency.

商业剩余履约义务（RPO）增至 2980 亿美元，同比增长 34%，按不变汇率计算增长 36%。

Roughly 40% will be recognized in revenue in the next 12 months, up 21% year-over-year.

约 40% 的收入将在未来 12 个月内确认，同比增长 21%。

The remaining portion recognized beyond the next 12 months increased 45%.

超过 12 个月的部分同比增长 45%。

And this quarter, our annuity mix was 97%.

本季度，我们的订阅收入占比达到 97%。

FX did not have a significant impact on our results and was roughly in line with expectations on total company revenue, More Personal Computing revenue, total company COGS, and operating expense.

外汇（FX）对我们的整体业绩影响不大，总公司收入、个人计算业务收入、总公司成本（COGS）及运营费用基本符合预期。

FX decreased revenue more than expected in our commercial segments.

但外汇对我们的商业业务收入的影响大于预期。

Microsoft Cloud revenue was $40.9 billion and grew 21%.

微软云业务收入达到 409 亿美元，同比增长 21%。

Microsoft Cloud gross margin percentage was 70%, in line with expectations and decreased two points year-over-year driven by scaling our AI infrastructure.

微软云的毛利率为 70%，符合预期，但由于 AI 基础设施的扩展，较去年同期下降 2 个百分点。

Company gross margin percentage increased slightly year-over-year to 69% primarily driven by sales mix shift to higher-margin businesses as well as improvement in Gaming and Search, partially offset by the impact of scaling our AI infrastructure.

公司毛利率同比略微上升至 69%，主要受业务组合向高利润率业务转移的推动，以及游戏和搜索业务的改善，但部分被 AI 基础设施扩展的影响所抵消。

Operating expenses increased 5%, lower than expected, and operating margins increased two points year-over-year to 45%.

运营费用增长 5%，低于预期，营业利润率同比提升 2 个百分点至 45%。

The better-than-expected margin expansion was driven by delivering efficiencies across our businesses as we invest to scale AI infrastructure and build AI applications.

利润率的超预期增长得益于我们在各项业务中的效率提升，同时我们也在投资扩展 AI 基础设施并构建 AI 应用。

At a total company level, headcount at the end of December was 2% higher than a year ago and was relatively unchanged from last quarter.

截至 12 月底，公司总员工人数同比增长 2%，与上季度基本持平。

Now to our segment results.

现在来看我们的各业务部门业绩。

Revenue from Productivity and Business Processes was $29.4 billion and grew 14% and 13% in constant currency even with the unfavorable FX impact noted earlier.

生产力与业务流程部门收入为 294 亿美元，同比增长 14%，按不变汇率计算增长 13%，尽管受到前述不利外汇因素的影响。

Results were ahead of expectations driven by Microsoft 365 Commercial.

该部门业绩超出预期，主要受到 Microsoft 365 商业版的推动。

Microsoft 365 Commercial Cloud revenue increased 16% and 15% in constant currency, slightly ahead of expectations due to better-than-expected performance in E5 and Microsoft 365 Copilot.

Microsoft 365 商业云收入增长 16%，按不变汇率计算增长 15%，略超预期，主要得益于 E5 和 Microsoft 365 Copilot 的优异表现。

With M365 Copilot, we continue to see growth in adoption, expansion, and usage.

在 Microsoft 365 Copilot 方面，我们持续看到其采用率、扩展性和使用率的增长。

ARPU growth was again driven by E5 and M365 Copilot.

E5 和 Microsoft 365 Copilot 继续推动了每用户平均收入（ARPU）的增长。

Paid M365 Commercial seats grew 7% year-over-year with installed base expansion across all customer segments, though primarily in our small and medium business and frontline worker offerings.

Microsoft 365 商业版的付费席位同比增长 7%，其安装基础在所有客户群体中都有所扩展，主要增长来自中小型企业和一线员工方案。

M365 commercial products revenue increased 13%, significantly ahead of expectations driven by higher-than-expected transactional purchasing with the launch of Office 2024 as well as the Windows Commercial on-premises components from the better-than-expected performance of M365 suites noted earlier.

Microsoft 365 商业产品收入增长 13%，大幅超出预期，主要受 Office 2024 发布后超预期的交易性采购推动，以及前述 Microsoft 365 套件的优异表现所带来的 Windows 商业本地组件增长的驱动。

M365 Consumer Cloud revenue increased 8%, slightly ahead of expectations.

Microsoft 365 消费云收入增长 8%，略超预期。

We saw continued momentum in M365 consumer subscriptions which grew 10% to 86.3 million with mix shift to M365 Basic.

M365 消费订阅继续保持增长，用户数增长 10% 至 8630 万，其中 M365 Basic 订阅比例有所提升。

LinkedIn revenue increased 9% with continued growth across all lines of business.

LinkedIn 收入增长 9%，所有业务线均实现持续增长。

In our Talent Solutions business, results were slightly below expectations driven by continued weakness in the hiring market in key verticals.

在人才解决方案（Talent Solutions）业务方面，受关键行业招聘市场持续疲软的影响，业绩略低于预期。

Dynamics 365 revenue increased 19% and 18% in constant currency, slightly ahead of expectations with growth across all workloads.

Dynamics 365 收入增长 19%，按不变汇率计算增长 18%，略超预期，所有工作负载均实现增长。

Segment gross margin dollars increased 13% and 12% in constant currency and gross margin percentage decreased slightly year-over-year driven by scaling our AI infrastructure.

该业务部门毛利额增长 13%，按不变汇率计算增长 12%，但由于 AI 基础设施的扩展，毛利率同比略有下降。

Operating expenses increased 6% and operating income increased 16% and 15% in constant currency.

运营费用增长 6%，营业收入增长 16%，按不变汇率计算增长 15%。

Next the Intelligent Cloud segment.

接下来是智能云（Intelligent Cloud）业务。

Revenue was $25.5 billion and grew 19% with more unfavorable FX impact than expected.

该业务收入达 255 亿美元，同比增长 19%，但受到的外汇不利影响超出预期。

Excluding the unfavorable FX impact, results in Azure non-AI services, on-prem server, and enterprise and partner services were slightly lower than expected, partially offset by better-than-expected results in Azure AI services.

剔除外汇不利影响，Azure 非 AI 服务、本地服务器（on-prem server）以及企业和合作伙伴服务的业绩略低于预期，但部分被 Azure AI 服务超预期的增长所抵消。

Azure and other cloud services revenue grew 31%.

Azure 及其他云服务收入增长 31%。

Azure growth included 13 points from AI services, which grew 157% year-over-year and was ahead of expectations even as demand continued to be higher than our available capacity.

Azure 增长中，AI 服务贡献了 13 个百分点，该业务同比增长 157%，超出预期，尽管市场需求仍然高于我们的现有供给能力。

Growth in our non-AI services was slightly lower than expected due to go-to-market execution challenges, particularly with our customers that we primarily reach through our scale motions, as we balance driving near-term non-AI consumption with AI growth.

我们的非 AI 服务增长略低于预期，主要受市场推广执行挑战的影响，尤其是在通过规模化销售模式触达的客户群体中。我们在推动 AI 增长的同时，也在平衡短期内的非 AI 消费增长。

In our on-premises server business, revenue decreased 3%, slightly below expectations driven by slower than expected purchasing around Windows Server 2025 launch.

在我们的本地服务器业务中，收入下降 3%，略低于预期，主要由于围绕 Windows Server 2025 发布的采购速度低于预期。

Enterprise and Partner Services revenue decreased 1%, below expectations with lower than expected performance across Enterprise Support Services and Industry Solutions.

企业与合作伙伴服务收入下降 1%，低于预期，主要受到企业支持服务（Enterprise Support Services）和行业解决方案（Industry Solutions）表现疲软的影响。

Segment gross margin dollars increased 12% and 13% in constant currency and gross margin percentage decreased four points year-over-year driven by scaling our AI infrastructure.

该业务部门的毛利额增长 12%，按不变汇率计算增长 13%，但由于 AI 基础设施扩展的影响，毛利率同比下降 4 个百分点。

Operating expenses increased 10% and operating income grew 14%.

运营费用增长 10%，营业收入增长 14%。

Now to More Personal Computing.

现在来看“更多个人计算”（More Personal Computing）业务。

Revenue was $14.7 billion, relatively unchanged year-over-year with better than expected results driven primarily by Windows OEM pre-builds, usage from a third-party partnership in Search, as well as Call of Duty launch performance in Gaming.

该业务收入为 147 亿美元，与去年同期基本持平，但业绩好于预期，主要受 Windows OEM 预装、搜索业务中来自第三方合作伙伴的流量增长，以及游戏业务中使命召唤（Call of Duty）发布表现强劲的推动。

Windows OEM and Devices revenue increased 4% year-over-year, ahead of expectations, driven by commercial inventory builds in advance of Windows 10 end of support as well as uncertainty around tariffs.

Windows OEM 和设备收入同比增长 4%，超出预期，主要受企业客户提前建立库存以应对 Windows 10 终止支持，以及关税政策不确定性的影响。

Search and News advertising revenue ex-TAC increased 21% and 20% in constant currency, ahead of expectations driven by usage from a third-party partnership.

搜索和新闻广告（剔除流量获取成本后的）收入增长 21%，按不变汇率计算增长 20%，高于预期，主要受益于来自第三方合作伙伴的流量增长。

Growth continues to be driven by rate expansion and healthy volume growth in both Edge and Bing.

增长仍然受到广告投放率扩展和 Edge 及 Bing 健康的使用量增长的推动。

And in Gaming, revenue decreased 7% and 8% in constant currency as content and services growth continued to be offset by hardware declines.

在游戏业务方面，收入下降 7%，按不变汇率计算下降 8%，主要由于内容和服务的增长仍被硬件销售下滑所抵消。

Xbox content and services revenue increased 2%, ahead of expectations driven by stronger than expected performance in Blizzard and Activision content, including Call of Duty.

Xbox 内容和服务收入增长 2%，超出预期，主要受暴雪（Blizzard）和动视（Activision）内容（包括使命召唤（Call of Duty））表现优于预期的推动。

Segment gross margin dollars increased 13% and 12% in constant currency.

该业务部门的毛利额增长 13%，按不变汇率计算增长 12%。

Gross margin percentage increased six points year-over-year driven by sales mix shift to higher-margin businesses as well as strong execution on margin improvement in Gaming and Search.

毛利率同比增长 6 个百分点，主要受业务组合向高利润率业务转移的推动，以及游戏和搜索业务在利润率改善方面的强劲执行力。

Operating expenses decreased 1%.

运营费用下降 1%。

Operating income increased 32% and 30% in constant currency driven by continued prioritization of higher-margin opportunities.

营业利润增长 32%，按不变汇率计算增长 30%，得益于对高利润率业务机会的持续优先投资。

Now back to total company results.

现在回到公司整体业绩。

Capital expenditures including finance leases were $22.6 billion, in line with expectations, and cash paid for PP&E was $15.8 billion.

资本支出（包括融资租赁）为 226 亿美元，符合预期；用于购置物业、厂房和设备（PP&E）的现金支出为 158 亿美元。

More than half of our cloud and AI-related spend was on long-lived assets that will support monetization over the next 15 years and beyond.

我们超过一半的云计算和 AI 相关支出用于长期资产，这些资产将在未来 15 年及更长时间内支持盈利能力。

The remaining cloud and AI spend was primarily for servers, both CPUs and GPUs, to serve customers based on demand signals including our customer contracted backlog.

其余云计算和 AI 相关支出主要用于服务器采购，包括 CPU 和 GPU，以满足客户需求信号，包括已签约但尚未交付的订单。

Cash flow from operations was $22.3 billion, up 18% driven by strong cloud billings and collections, partially offset by higher supplier, employee, and tax payments.

运营现金流为 223 亿美元，同比增长 18%，主要受云计算账单和回款强劲增长的推动，但部分被更高的供应商付款、员工薪酬和税款支付所抵消。

Free cash flow was $6.5 billion, down 29% year-over-year, reflecting the capital expenditures noted earlier.

自由现金流为 65 亿美元，同比下降 29%，主要反映了前述资本支出增长的影响。

This quarter, other income and expense was negative $2.3 billion, lower than our October guidance due to the impairment charge from our Cruise investment.

本季度，其他收入和支出净额为 -23 亿美元，低于我们 10 月份的指引，主要由于我们对 Cruise 投资的减值损失。

Our effective tax rate came in slightly lower than anticipated at 18%.

本季度的有效税率为 18%，略低于预期。

And finally, we returned $9.7 billion to shareholders through dividends and share repurchases.

最后，我们通过派发股息和回购股票向股东返还了 97 亿美元。

Now, moving to our Q3 outlook, which unless specifically noted otherwise, is on a US dollar basis.

现在来看我们的第三季度展望，除非特别说明，所有数据均以美元计算。

First, FX. With the strengthening of the US dollar since October, we now expect FX to decrease total revenue growth by two points.

首先是外汇（FX）。由于自 10 月以来美元走强，我们预计外汇因素将使总收入增长减少 2 个百分点。

Within the segments, we expect FX to decrease revenue growth by two points in Productivity and Business Processes and Intelligent Cloud and roughly one point in More Personal Computing.

在各业务部门中，我们预计外汇（FX）因素将使生产力与业务流程（Productivity and Business Processes）和智能云（Intelligent Cloud）业务的收入增长减少 2 个百分点，并使“更多个人计算”（More Personal Computing）业务的收入增长减少约 1 个百分点。

When compared to our October guidance assumptions on Q3 FX impact, this is a decrease to total revenue of roughly $1 billion.

与我们 10 月份的 Q3 外汇影响预期相比，这意味着总收入将减少约 10 亿美元。

强势美元的问题，对可口可乐的影响可能更明显。

We expect FX to decrease COGS growth by approximately two points and operating expense growth by approximately one point.

我们预计外汇因素将使销售成本（COGS）增长减少约 2 个百分点，并使运营费用增长减少约 1 个百分点。

Our outlook has many of the trends we saw in Q2 continue through Q3.

我们的展望显示，Q2 观察到的许多趋势将在 Q3 继续。

Demand for our differentiated cloud and AI offerings across the Microsoft Cloud should drive another quarter of strong growth.

市场对 Microsoft Cloud 及其差异化云计算和 AI 产品的需求，预计将推动公司实现又一个季度的强劲增长。

In Commercial Bookings, with a relatively flat expiry base and a strong prior-year comparable in terms of large Azure contracts, we expect growth to be roughly flat year-over-year.

在商业订单（Commercial Bookings）方面，由于即将到期的基础合同量较为平稳，且去年同期大型 Azure 合同的基数较高，我们预计同比增长将基本持平。

We expect consistent execution across our core annuity sales motions and continued long-term commitments to our platform.

我们预计核心订阅销售模式的执行力将保持稳定，并将继续获得客户对我们平台的长期承诺。

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.

需要提醒的是，规模较大的长期 Azure 合同，其签署时间较难预测，可能会导致商业订单增长率的季度波动性增加。

Microsoft Cloud gross margin percentage should be roughly 69%, down year-over-year driven by the impact of scaling our AI infrastructure.

微软云的毛利率预计约为 69%，同比下降，主要受 AI 基础设施扩展的影响。

Next to segment guidance.

接下来是各业务部门的指引。

In Productivity and Business Processes we expect revenue to grow between 11% and 12% in constant currency or $29.4 billion to $29.7 billion.

在生产力与业务流程（Productivity and Business Processes）部门，我们预计收入按不变汇率计算增长 11% 至 12%，即 294 亿至 297 亿美元。

Microsoft 365 Commercial Cloud revenue growth should be between 14% and 15% in constant currency, relatively stable compared to our better-than-expected Q2 results.

Microsoft 365 商业云收入增长预计在 14% 至 15% 之间（按不变汇率计算），与 Q2 超预期的表现相比，预计增长将保持相对稳定。

We expect continued ARPU growth through E5 and M365 Copilot and we again expect some seat growth moderation given the size of the installed base.

我们预计 E5 和 Microsoft 365 Copilot 将继续推动每用户平均收入（ARPU）增长，同时，由于安装基础规模庞大，席位增长可能会有所放缓。

For M365 Commercial products, we expect revenue to be relatively unchanged year-over-year.

对于 Microsoft 365 商业产品，我们预计其收入同比基本保持不变。

As a reminder, M365 Commercial products include Windows Commercial on-premises components of M365 suites, so our quarterly revenue growth can have variability primarily from in-period revenue recognition depending on the mix of contracts.

需要提醒的是，Microsoft 365 商业产品包括 M365 套件中的 Windows 商业本地组件，因此季度收入增长可能会因合同类型的不同而受到当期收入确认方式的影响。

M365 Consumer Cloud revenue growth should be in the mid to high-single-digits driven by M365 subscriptions.

Microsoft 365 消费云收入增长预计将在中至高个位数范围，主要受 M365 订阅业务的推动。

For LinkedIn, we expect revenue growth in the low to mid-single-digits.

对于 LinkedIn，我们预计收入增长将在低至中个位数范围。

Although we expect growth across all businesses, the Q2 trends in Talent Solutions should continue in Q3 as a headwind to growth.

尽管所有业务都预计将实现增长，但人才解决方案（Talent Solutions）在 Q2 受到的市场疲软影响预计将在 Q3 持续，对整体增长构成阻力。

And in Dynamics 365, we expect revenue growth to be in the mid-teens driven by continued growth across all workloads.

在 Dynamics 365 方面，我们预计收入增长将在中十位数范围，所有工作负载的持续增长将成为主要推动力。

For Intelligent Cloud we expect revenue to grow between 19% and 20% in constant currency or $25.9 billion to $26.2 billion.

对于智能云（Intelligent Cloud）业务，我们预计收入按不变汇率计算增长 19% 至 20%，即 259 亿至 262 亿美元。

Revenue will continue to be driven by Azure which, as a reminder, can have quarterly variability primarily from in-period revenue recognition depending on the mix of contracts.

Azure 仍将是主要的增长驱动因素，需要提醒的是，由于合同类型不同，季度收入增长可能会因当期收入确认方式的不同而有所波动。

In Azure, we expect Q3 revenue growth to be between 31% and 32% in constant currency driven by strong demand for our portfolio of services.

在 Azure 方面，我们预计 Q3 收入按不变汇率计算增长 31% 至 32%，主要受我们全方位服务产品组合的强劲市场需求推动。

As we shared in October, the contribution from our AI services will grow from increased AI capacity coming online.

正如我们在 10 月份所分享的，AI 服务的贡献将随着新增 AI 计算能力的上线而增长。

In non-AI services healthy growth continues, although we expect ongoing impact through H2 as we work to address the execution challenges noted earlier.

在非 AI 服务方面，健康增长仍在持续，但预计下半年仍将受到前述执行挑战的影响，我们正在积极应对。

And while we expect to be AI capacity constrained in Q3, by the end of FY25 we should be roughly in line with near-term demand given our significant capital investments.

尽管我们预计 Q3 仍将面临 AI 计算能力受限的情况，但鉴于我们的重大资本投资，到 2025 财年末，我们的 AI 计算能力应该能够基本满足短期市场需求。

In our on-premises server business, we expect revenue to decline in the mid-single-digits driven by a decrease in transactional purchasing.

在我们的本地服务器业务中，我们预计收入将下降至中个位数水平，主要由于交易性采购的减少。

And in Enterprise and Partner services, we expect revenue growth to be in the low to mid-single-digits.

在企业与合作伙伴服务（Enterprise and Partner Services）方面，我们预计收入增长将在低至中个位数范围内。

In More Personal Computing, we expect revenue to be $12.4 billion to $12.8 billion with continued prioritization of higher margin opportunities.

在“更多个人计算”（More Personal Computing）业务方面，我们预计收入将在 124 亿至 128 亿美元之间，并将继续优先考虑高利润率的业务机会。

Windows OEM and Devices revenue should decline in the low to mid-single-digits.

Windows OEM 和设备收入预计将下降至低至中个位数水平。

We expect revenue from Windows OEM to be relatively flat year-over-year as our outlook assumes inventory levels will normalize.

我们预计 Windows OEM 业务的收入同比基本持平，因为我们的展望假设库存水平将恢复正常。

Actual results may differ based on current tariff uncertainties. Devices revenue will decline.

但实际结果可能会因当前关税政策的不确定性而有所不同。设备业务收入预计将下降。

Search and News advertising ex-TAC revenue growth should be in the mid-teens from continued growth in both volume and revenue per search with share gains across Edge and Bing.

搜索和新闻广告（剔除流量获取成本后）的收入增长预计将在中十位数范围，主要受到搜索量增长、每次搜索收入增长以及 Edge 和 Bing 市场份额提升的推动。

Growth is expected to moderate from last quarter primarily due to additional FX impact and as the third-party partnership usage noted earlier returns to more normal levels.

预计增长速度相比上季度会有所放缓，主要受到额外的外汇影响，以及前述第三方合作伙伴使用量回归正常水平的影响。

Search ex-TAC growth will be higher than overall Search and News advertising revenue growth, which we expect to be in the mid to high-single-digits.

搜索（剔除流量获取成本后）的增长将高于整体搜索和新闻广告收入增长，我们预计该收入增长将在中至高个位数范围内。

And in Gaming, we expect revenue growth to be in the low-single-digits.

在游戏业务方面，我们预计收入增长将在低个位数范围内。

We expect Xbox content and services revenue growth to be in the low to mid-single-digits driven by first-party content as well as Xbox Game Pass.

我们预计 Xbox 内容和服务收入增长将在低至中个位数范围，主要受第一方游戏内容和 Xbox Game Pass 订阅推动。

Hardware revenue will decline year-over-year.

硬件收入预计将同比下降。

Now back to company guidance.

现在回到公司整体指引。

We expect COGS to grow between 19% and 20% in constant currency or to be between $21.65 billion to $21.85 billion.

我们预计销售成本（COGS）按不变汇率计算将增长 19% 至 20%，即 216.5 亿至 218.5 亿美元。

And operating expense to grow between 5% and 6% in constant currency or to be between $16.4 billion and $16.5 billion.

运营费用预计按不变汇率计算增长 5% 至 6%，即 164 亿至 165 亿美元。

Other income and expense is expected to be roughly negative $1 billion primarily driven by investments accounted for under the equity method.

其他收入和支出预计约为 -10 亿美元，主要受权益法核算的投资影响。

As a reminder, we do not recognize mark-to-market gains or losses on equity method investments.

需要提醒的是，我们不会在权益法投资中确认按市值计价的盈亏。

And lastly, we expect our Q3 effective tax rate to be approximately 18%.

最后，我们预计 Q3 的有效税率约为 18%。

Now some additional thoughts on the rest of the fiscal year and beyond.

接下来是关于本财年剩余时间及未来的更多展望。

First, FX. With the strengthening of the US dollar since October, we now expect FX to decrease Q4 revenue and COGS growth by more than one point and operating expense growth by roughly one point.

首先是外汇（FX）。自 10 月以来，美元走强，我们预计外汇因素将在 Q4 使收入和销售成本（COGS）增长减少超过 1 个百分点，并使运营费用增长减少约 1 个百分点。

Next, capital expenditures. We expect quarterly spend in Q3 and Q4 to remain at similar levels as our Q2 spend.

接下来是资本支出。我们预计 Q3 和 Q4 的季度支出将与 Q2 的支出水平大致相同。

In FY26, we expect to continue investing against strong demand signals including customer contracted backlog we need to deliver against across the entirety of our Microsoft Cloud.

在 2026 财年，我们预计将继续投资，以满足强劲的市场需求信号，包括尚未交付的客户已签约订单，以支撑整个 Microsoft Cloud 的增长。

However, the growth rate will be lower than FY25 and the mix of spend will begin to shift back to short-lived assets which are more correlated to revenue growth.

然而，支出增长率将低于 2025 财年，并且支出结构将开始向短期资产转移，这类资产与收入增长更密切相关。

对英伟达不是好事。

As a reminder, our long-lived infrastructure investments are fungible, enabling us to remain agile as we meet customer demand globally across our Microsoft Cloud including AI workloads.

需要提醒的是，我们的长期基础设施投资具有灵活性，使我们能够在全球范围内满足 Microsoft Cloud 及 AI 工作负载的客户需求，同时保持敏捷性。

As always, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.

与往常一样，云基础设施建设和融资租赁交付的时间安排可能会导致季度支出波动。

For the full fiscal year, we continue to expect double-digit revenue and operating income growth as we focus on delivering efficiencies across both COGS and operating expense.

对于整个财年，我们仍预计收入和营业收入将实现双位数增长，同时我们将专注于在销售成本（COGS）和运营费用方面提高效率。

And given the operating leverage that we've delivered throughout the year, inclusive of efficiency gains as we scale our AI infrastructure and utilize our own AI solutions, we now expect FY25 operating margins to be up slightly year-over-year.

鉴于我们在全年实现的运营杠杆效应，包括 AI 基础设施扩展带来的效率提升，以及我们自研 AI 解决方案的应用，我们现在预计 2025 财年的营业利润率将同比小幅上升。

And finally, our FY25 full-year effective tax rate should be between 18% and 19%.

最后，我们预计 2025 财年的全年有效税率将在 18% 至 19% 之间。

In closing, we are committed to delivering real-world AI solutions that help customers grow and improve their results.

最后，我们致力于提供真正有价值的 AI 解决方案，帮助客户实现增长并优化业务成果。

We are confident in our leadership position as we grow with our customers.

我们对自身的市场领导地位充满信心，并将继续与客户共同成长。

Before turning to Q&A, I have one special thank you. Brett Iversen is moving to a new role here as the Head of our Americas Sales Finance team.

在进入问答环节之前，我想特别感谢 Brett Iversen，他将转任美洲销售财务团队负责人。

On behalf of the company, thank you for your tremendous impact leading Investor Relations for the past four years and for the partnership with both Satya and me.

我代表公司感谢你在过去四年中对投资者关系管理的卓越贡献，并感谢你与 Satya 和我的合作。

And I'd like to welcome Jonathan Neilson, the former Head of Finance for our Security products, who is returning to Investor Relations to lead the team.

同时，我欢迎 Jonathan Neilson 加入，他曾担任我们安全产品部门的财务主管，现在回归投资者关系团队并担任负责人。

With that, let's go to Q&A, Brett.

接下来，我们进入问答环节，Brett。

Brett Iversen

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，Amy。现在我们进入问答环节。为了尊重其他与会者，我们请每位参会者仅提出一个问题。操作员，请您重复一下指示？

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] And our first question comes from the line of Keith Weiss with Morgan Stanley. Please proceed.

谢谢。[操作员指示] 我们的第一个问题来自摩根士丹利的 Keith Weiss。请开始。

Keith Weiss

Hi. Thank you guys for taking the question. And echoing Amy's comments, Brett, congratulations on the new role. It's been a pleasure working with you and best of luck in that new role.

你好，谢谢你们回答我的问题。Brett，祝贺你在新岗位上取得进展。很高兴与你共事，祝你在新职位上一切顺利。

Looking at the quarter, another really solid quarter when it comes to commercial bookings. But again, we were a little disappointed on Azure coming in at the bottom end of the guidance range.

回顾本季度，商业订单表现依然稳健。但 Azure 业绩处于指引区间的下限，这让我们略感失望。

Amy, I was hoping you could dig into perhaps what some of those execution issues were, what the resolution to those issues were.

Amy，我希望你能详细说明 Azure 在执行方面遇到的挑战，以及你们如何解决这些问题。

And do we still feel comfortable in the acceleration into the back half of the year that you were talking about after the June quarter and after last quarter? Thank you very much.

我们是否仍然对 Azure 在下半年的增长加速感到有信心？你在 6 月季度和上季度都提到过这一点。非常感谢。

Amy Hood

Thanks, Keith. Let me spend a little time on that about what we saw in Q2 and give you some additional background on the near-term execution issues that we're talking about.

谢谢，Keith。我想花点时间解释一下我们在 Q2 观察到的情况，并提供一些关于短期执行挑战的额外背景信息。

First, let me be very specific. They are in the non-AI ACR component.

首先，我想明确指出，这些问题主要出现在非 AI 计算承诺（ACR）部分。

Our Azure AI results were better than we thought due to very good work by the operating teams pulling in some delivery dates even by weeks.

Azure AI 业务的表现优于我们的预期，主要归功于运营团队的出色执行力，他们甚至将一些交付时间提前了几周。

When your capacity is constrained, weeks matter, and it was good execution by the team, and you see that in the revenue results.

当计算能力受限时，几周的时间差异至关重要。团队在执行上表现出色，最终也反映在了收入数据上。

On the non-AI side, really, the challenges were in what we call the scale motion.

在非 AI 业务方面，挑战主要出现在我们所谓的“规模化销售模式”（Scale Motion）。

So think about primarily these are customers we reach through partners and through more indirect methods of selling.

这些主要是我们通过合作伙伴以及更间接的销售方式触达的客户群体。

And really, the art form there is as these customers, which we reach in this way, are trying to balance how to do an AI workload with continuing some of the work they've done on migrations and other fundamentals.

而这些客户正在努力平衡 AI 负载的部署，同时继续进行迁移和其他基础性的 IT 转型工作。

We then took our sales motions in the summer and really changed to try to balance those two.

因此，我们在夏季调整了销售模式，试图在 AI 和传统迁移工作之间找到平衡。

As you do that, you learn with your customers and with your partners on sort of getting that balance right between where to put our investments, where to put the marketing dollars and importantly, where to put people in terms of coverage and being able to help customers make those transitions.

在这个过程中，我们需要与客户和合作伙伴共同探索，找到合适的平衡点，包括投资的方向、市场营销的投入，以及人员的分配，以便更好地帮助客户完成转型。

And I think we are going to make some adjustments to make sure we are in balance because when you make those changes in the summer, by the time it works its way through the system, you can see the impacts on whether you have that balance right.

我们现在正对这一策略进行调整，以确保真正实现平衡。因为当夏季做出调整后，实际效果需要时间来体现，我们现在能够看到调整的影响。

And so the teams are working through that. They're already making adjustments.

目前，各个团队正在努力应对，并已经开始调整策略。

And I expect, while we will see some impact through H2 just because when you work through the scale motion, it can take some time for that to adjust.

我预计，在 2024 财年下半年，我们仍会看到一定的影响，因为“规模化销售模式”调整需要时间来发挥作用。

I feel good that the teams understand and are working through that.

不过，我对团队的理解能力和应对措施充满信心。

So hopefully that's just helpful on that.

希望这能帮助你更好地理解情况。

Then we talked a little bit about Q3.

接下来，我们谈谈 Q3 的情况。

And so we've talked about 31% to 32% after publishing a 31% this quarter.

在本季度 Azure 业务增长 31% 后，我们预计 Q3 增长将在 31% 至 32% 之间。

Our AI results that we had felt good about and talked about our ability to land that revenue is the same.

我们的 AI 业务表现良好，且我们对实现这些收入的能力保持信心。

So again, in Q3, we are working from a pretty constrained capacity place.

在 Q3，我们依然面临计算能力受限的情况。

And that's no different than it was our expectation to be in that position last October when I talked to you all.

这与我们去年 10 月与你们沟通时的预期并无不同。

And when I talk about being at a capacity constraint, it takes two things.

关于计算能力受限的问题，需要考虑两个关键因素。

You have to have space, which I generally call long-lived assets, right, that's the infrastructure and the land and then you have to have kits.

首先是空间，我通常称之为长期资产（Long-Lived Assets），即基础设施和土地。其次是计算设备（kits）。

We’re continuing, and you've seen that's why our spend has pivoted this way to be in the long-lived investment.

我们一直在继续投资，因此，你们可以看到，我们的资本支出已向长期资产投资倾斜。

We have been short, power and space.

我们过去一直面临电力和空间短缺的问题。

And so as you see those investments land that we've made over the past three years, we get closer to that balance by the end of this year.

但随着我们过去三年的投资逐步落地，到今年年底，我们的计算能力供应将更接近需求水平。

And so the confidence on the AI side continues to be there in terms of being able to sell, utilize and be, I think, encouraged by the signals.

因此，我们对 AI 业务的销售和应用仍然充满信心，并且市场信号也令人鼓舞。

What we're seeing is waiting to see just how the non-AI ACR works through the scale motions in H2.

目前，我们主要关注的是下半年非 AI 计算承诺（ACR）业务在“规模化销售模式”中的调整情况。

But in general, the only thing that's changed is really that scale motion from my seat, Keith. Hope that's helpful.

但整体来看，从我的角度，唯一真正变化的就是“规模化销售模式”的调整，希望这对你有所帮助。

Satya Nadella

Yes. I think, Amy, just one thing I'd add, Keith, to your question is, as Amy said, the AI growth rate is actually better than what we expected, and we work through some of the supply stuff and more importantly, some of the workloads are scaling well.

是的，Keith，我想在 Amy 的回答基础上再补充一点。正如 Amy 所说，AI 业务的增长率实际上比我们预期的更好。我们正在解决供应链方面的一些问题，更重要的是，一些工作负载的扩展情况良好。

And when you look underneath any of these AI workloads, the other thing that is good is the ratio even what we would call just regular storage, data services, app services.

如果深入分析这些 AI 负载，另一个值得注意的积极因素是，传统的存储、数据服务和应用服务的比例依然保持良好。

So underneath a ChatGPT or a Copilot or even the emerging AI workloads in the enterprise. So that's all good.

无论是 ChatGPT、Copilot，还是企业级新兴 AI 负载，这些基础服务都在持续增长，这是一个积极的信号。

The enterprise workloads, whether it's SAP or whether it's VMware migrations, what have you, that's also in good shape.

企业级工作负载，例如 SAP 迁移或 VMware 迁移等，也都表现良好。

And it's just the scale place where Amy talked about this nuance, right, how do you really tweak the incentives, go-to-market at a time of platform shifts, you kind of want to make sure you lean into even the new design wins, and you just don't keep doing the stuff that you did in the previous generation.

Amy 之前提到的“规模化销售模式”调整正是关键，我们要在平台转型期优化激励机制和市场策略。在这个阶段，我们希望能够积极推进新一代设计的落地，而不是仅仅重复上一代的做法。

And that's the art form Amy was referencing to make sure you get the right balance.

这正是 Amy 之前提到的“平衡艺术”，如何在不同的增长点之间找到最优策略。

But let me put it this way. You would rather win the new than just protect the past.

换句话说，我们更愿意赢得未来，而不仅仅是保护过去的市场份额。

And that's sort of another thing that we definitely will lean into always.

这也是我们始终坚持的战略方向。

Keith Weiss

Excellent.

太棒了。

Brett Iversen

Thanks, Keith. Operator, next question please.

谢谢，Keith。操作员，请提供下一个问题。

Operator

The next question comes from the line of Mark Moerdler with Bernstein Research. Please proceed.

下一位提问的是 Bernstein Research 的 Mark Moerdler。请开始。

Mark Moerdler

Thank you very much for taking my question. Can you give more color on what drove the far larger than expected Microsoft AI revenue?

非常感谢你们回答我的问题。能否详细说明是什么推动了 Microsoft AI 业务超出预期的收入增长？

We talked a bit about the Azure AI component of it. But can you give more color on that?

我们已经讨论了一些 Azure AI 相关的因素，但能否再详细说明一下？

And our estimates are that Copilot was much bigger than we had expected and growing much faster.

我们的估算显示，Copilot 业务比我们预期的规模更大，增长速度也更快。

Any more details on the breakdown of what that Microsoft AI would be great? Thanks.

能否提供更多关于 Microsoft AI 业务的收入构成细节？谢谢。

Amy Hood

Thanks, Mark, for the question. Yes, that was, as we talked about, better than expected.

谢谢你的提问，Mark。是的，正如我们之前所说，AI 业务的增长确实超出预期。

A couple of pieces to that, which you've correctly identified.

其中有几个关键因素，你刚才已经部分提到了一些。

Number one is the Azure component we just talked about.

首先是 Azure 业务的增长，这是我们刚刚讨论过的部分。

And the second piece, you're right, Microsoft Copilot was better.

其次，你的判断是正确的，Microsoft Copilot 业务的表现超出预期。

And what was important about that was we saw strength both in seats, both new seats and expansion seats, as Satya talked about, and usage, which doesn't directly impact revenue, but of course, indirectly does as people get more and more value on it.

最重要的是，我们在 Copilot 业务中看到了多个增长点，包括新增用户席位和扩展席位的增长，正如 Satya 之前提到的。同时，使用量也在增加，尽管使用量不会直接影响收入，但用户获得的价值越多，最终也会间接推动收入增长。

And also price per seat was actually quite good. We still have a good signal for value.

此外，每席位的平均收入（ARPU）表现良好，我们仍然能看到强劲的价值信号。

So those are the biggest pieces, Mark, of that sort of outperformance in terms of our expectations.

所以，这些就是推动 AI 业务超预期增长的主要因素，Mark。

Mark Moerdler

Thank you.

谢谢。

Brett Iversen

Thanks, Mark. Operator, next question please.

谢谢，Mark。操作员，请提供下一个问题。

Operator

The next question comes from the line of Brent Thill with Jefferies. Please proceed.

下一位提问的是 Jefferies 的 Brent Thill。请开始。

Brent Thill

Thanks. Satya, you mentioned DeepSeek a couple of times in your prepared remarks.

谢谢。Satya，你在发言中多次提到 DeepSeek。

I think everyone would love your thoughts on what you're seeing there.

我想大家都很想听听你对 DeepSeek 的看法。

And are we seeing AI scale now at lower cost?

我们现在是否已经看到 AI 计算能力扩展的成本降低了？

Are we reaching a mark where you can see that or do we still have some time to go?

我们是否已经进入了 AI 计算规模扩展成本下降的阶段，还是说还需要一段时间？

Thanks for your thoughts on this.

感谢你对此的看法。

Satya Nadella

Yes. Thanks, Brent. So, yes, in my remarks, I talked about how in some sense, what's happening with AI is no different than what was happening with the regular compute cycle.

是的，谢谢，Brent。在我的发言中，我提到，某种程度上，AI 发展所经历的过程与传统计算周期的发展并无太大不同。

It's always about bending the curve and then putting more points up the curve.

核心始终是如何加速技术发展曲线，并不断在曲线上增加新的突破点。

So there's Moore's Law that's working in hyperdrive.

我们可以看到，摩尔定律正在加速发挥作用。

Then on top of that, there is the AI scaling laws, both the pre-training and the inference time compute that compound and that's all software.

此外，还有 AI 扩展法则，在预训练和推理计算方面不断复合增长，而这一切都受软件优化的驱动。

You should think of what I said in my remarks, which we have observed for a while, which is 10x on improvements per cycle just because of all the software optimizations on inference.

你可以回顾我之前提到的观点，我们观察到，每个计算周期，单凭推理方面的软件优化，就能带来 10 倍的效率提升。

And so that's what you see.

这正是我们当前所看到的趋势。

And then to that, I think DeepSeek has had some real innovations.

此外，DeepSeek 在这方面确实带来了一些创新。

And that is some of the things that even OpenAI found in o1.

甚至 OpenAI 在 o1 研究中也发现了一些类似的突破。

And so we are going to, obviously, now that all gets commoditized, and it's going to get broadly used.

因此，毫无疑问，这些技术正在逐步商品化，并将在更广泛的应用场景中得到采用。

And the big beneficiaries of any software cycle like that is the customers, right.

而在任何类似的软件技术周期中，最大的受益者始终是客户。

Because at the end of the day, if you think about it, right, what was the big lesson learned from client-server to cloud, more people bought servers except it was called cloud.

回顾历史，从客户端-服务器（client-server）架构到云计算（cloud）的转变，最大的经验就是——用户购买的服务器数量实际上更多了，只不过它们被称为“云”了。

And so when token prices fall, inference computing prices fall, that means people can consume more, and there'll be more apps written.

同理，当 AI 计算的令牌价格下降，推理计算成本下降时，这意味着用户可以消费更多的计算资源，进而催生更多 AI 应用的开发。

过去不等于未来。

And it's interesting to see that when I referenced these models that are pretty powerful, it's unimaginable to think that here we are in sort of beginning of '25 where on the PC, you can run a model that required pretty massive cloud infrastructure.

令人兴奋的是，我们已经看到这些强大的 AI 模型正在快速发展。现在已经是 2025 年初，我们已经可以在 PC 端运行原本需要庞大云基础设施支持的 AI 模型。

So that type of optimizations means AI will be much more ubiquitous.

这种优化意味着 AI 将变得更加普及。

And so therefore, for a hyperscaler like us, a PC platform provider like us, this is all good news as far as I'm concerned.

因此，对于像微软这样的超大规模云计算供应商，以及 PC 平台提供商来说，这一切都是积极信号。

Brent Thill

Thank you.

谢谢。

Brett Iversen

Thanks, Brent. Operator, next question please.

谢谢，Brent。操作员，请提供下一个问题。

Operator

The next question comes from the line of Karl Keirstead with UBS. Please proceed.

下一位提问的是 UBS 的 Karl Keirstead。请开始。

Karl Keirstead

Thank you. Maybe this one as well for Satya and it's also away from the numbers.

谢谢。这个问题同样是给 Satya 的，并且与财务数据无关。

But Satya, I wanted to ask you about the Stargate news and the announced changes in the OpenAI relationship last week.

Satya，我想问一下关于 Stargate 计划的新闻，以及你们上周宣布的 OpenAI 合作关系的变化。

It seems that most of your investors have interpreted this as Microsoft, for sure, remaining very committed to OpenAI's success.

大多数投资者认为，微软无疑仍然坚定支持 OpenAI 的成功。

But electing to take more of a backseat in terms of funding OpenAI's future training CapEx needs.

但微软似乎选择在 OpenAI 未来的训练资本支出（CapEx）需求上扮演相对次要的角色。

I was hoping you might frame your strategic decision here around Stargate, and Amy, whether there's any takeaway for investors from that decision in terms of how you're thinking about CapEx needs over the next several years.

我希望你能从 Stargate 计划的角度来阐述这一战略决策。另外，Amy，是否可以分享一下从投资者角度来看，这一决定对未来几年资本支出的影响？谢谢。

Satya Nadella

Yes. Thanks for the question. So we remain very happy with the partnership with OpenAI.

是的，谢谢你的提问。我们对与 OpenAI 的合作关系仍然非常满意。

And as you saw, they have committed in a big way to Azure and even in the bookings what we recognize is just the first tranche of it.

正如你所见，OpenAI 已经在 Azure 上投入了大量资源，而我们当前在财报中确认的订单收入仅仅是其中的一部分。

And so you'll see given the ROFR we have more benefits of that even into the future.

因此，由于我们拥有优先购买权（ROFR），未来我们将能够从这一合作中获得更多收益。

And obviously, their success is our success because even all the other commercial arrangements that we detailed out in the blog that we put out even commensurate with that announcement.

显然，OpenAI 的成功也是微软的成功，我们在公告发布时也在博客中详细列出了双方的商业合作安排。

But to your overall point, the thing that I would say is we are building a pretty fungible fleet, right.

但针对你的核心问题，我想说的是，我们正在构建一个高度灵活的计算基础设施。

We're making sure that there's the right balance between training and inference.

我们正在确保在训练和推理计算之间保持合理的平衡。

It's geo-distributed.

同时，这些计算资源是地理分布式的。

We are working super hard on all the software optimizations, right.

此外，我们在软件优化方面投入了大量精力。

I mean just not the software optimizations that come because of what DeepSeek has done, but all the work we have done to, for example, reduce the prices of GPT models over the years in partnership with OpenAI.

不仅仅是 DeepSeek 带来的软件优化，我们还与 OpenAI 合作，在过去几年内不断优化 GPT 模型的推理效率，从而降低成本。

In fact, we did a lot of the work on the inference optimizations on it and that's been key to driving, right.

事实上，我们在推理优化方面做了大量工作，这正是 AI 计算成本下降的关键。

One of the key things to note in AI is you just don't launch the frontier model, but if it's too expensive to serve, it's no good, right.

AI 领域的一个关键点在于，你不能仅仅发布最前沿的模型，如果模型的推理成本过高，那也毫无意义。

It won't generate any demand.

如果推理成本过高，用户需求也无法形成。

So you've got to have that optimization, so that inferencing costs are coming down and they can be consumed broadly.

因此，我们必须进行优化，让推理成本下降，以便 AI 能够被广泛采用。

And so that's the fleet physics we are managing.

这正是我们在管理的计算基础设施策略。

And also, remember, you don't want to buy too much of anything at one time because the Moore's Law every year is going to give you 2x, your optimization is going to give you 10x.

此外，我们不会一次性采购过多的计算资源，因为摩尔定律（Moore’s Law）每年都会带来 2 倍的硬件提升，而软件优化可以带来 10 倍的提升。

从容面对现实的能力最重要，比如有能力停下来，那些停不下来的反而是个问题。

You want to continuously upgrade the fleet, modernize the fleet, age the fleet, and at the end of the day, have the right ratio of monetization and demand-driven monetization to what you think of as the training expense.

我们希望持续升级计算资源，使其现代化，同时保持合理的更新周期，并在最终实现训练成本与商业变现需求之间的最优平衡。

So I feel very good about the investment we are making and it's fungible and it just allows us to scale more long-term business.

因此，我对我们的投资感到非常有信心。我们的计算资源是高度灵活的，这让我们能够更长远地扩展业务。

Amy Hood

And maybe, Karl, just to reiterate a little of the comments that I made on CapEx because I think it's helpful to surround a bit more in what Satya is saying, a fungible fleet means.

Karl，我想再重申一下我之前对资本支出（CapEx）的评论，因为这有助于更好地理解 Satya 提到的“灵活计算资源（fungible fleet）”的概念。

We have and I think we talked about it, close to $300 billion of RPO, that is committed customer contracts that need to be delivered on.

我们已经谈过，我们目前的剩余履约义务（RPO）接近 3000 亿美元，这些是需要履行的客户合同。

And the faster we can do that and the more efficiently we can do that, the better off we are not just the OpenAI partnership, which is a piece of that, but with the entire platform that we need to deliver for our customers.

我们能够越快、越高效地履行这些合同，就会越有利——不仅仅是与 OpenAI 的合作，这是其中的一部分，更是整个 Microsoft Cloud 平台需要为客户交付的内容。

And I think the other thing that's sometimes missing is when we say fungible, we mean not just the primary use, which we've always talked about, which is inference, but there is some training, post-training, which is a key component.

另外，一个经常被忽视的点是，当我们谈到“灵活计算资源”时，不仅仅指推理计算（inference），虽然推理是主要用途，但我们还包括训练（training）和后训练（post-training），这也是关键组成部分。

And then they're just running the commercial hub, which at every layer under at every modern AI app that's going to be built, it will be required.

此外，这些计算资源还用于支持商业枢纽（commercial hub），这对于每一层现代 AI 应用的构建来说都是必不可少的。

It will be required to be distributed, and it will be required to be global.

这些计算资源必须具备分布式架构，并且需要具备全球化的能力。

And all of those things are really important because it then means you're the most efficient.

这些因素至关重要，因为这将确保我们的计算资源使用效率最高。

And so the investment you see us making CapEx.

因此，你们看到的我们的资本支出投资方向。

You're right, the front end has been this sort of infrastructure build that lets us really catch up not just on the AI infrastructure we needed, but think about that as the building itself, data centers, but also some of the catch-up we need to do on the commercial cloud side.

没错，我们前期的投资主要集中在基础设施建设上，不仅是 AI 基础设施，还包括数据中心等物理建筑，同时也包括商业云方面的扩展。

And then you'll see the pivot to more CPU and GPU.

接下来，你们会看到我们的投资重点将转向 CPU 和 GPU 采购。

And that pivot will more directly correlate to revenue and it will be contracted either with the partnership that you asked about with OpenAI or with others.

这一转变将更直接地与收入挂钩，并且这些计算资源将以合同的形式被 OpenAI 或其他合作伙伴采购。

And so I do think the way I want everyone to internalize it is that the CapEx growth is going through that cycle pivot, which is far more correlated to customer contract delivery, no matter who the end customer is.

所以，我希望大家能够理解，我们当前的资本支出增长正处于这一转型周期，它与客户合同的履约密切相关，而不论最终客户是谁。

Karl Keirstead

Thank you.

谢谢。

Brett Iversen

Thanks, Karl. Operator, next question please.

谢谢，Karl。操作员，请提供下一个问题。

Operator

And the next question comes from the line of Brad Zelnick with Deutsche Bank. Please proceed.

下一位提问的是 Deutsche Bank 的 Brad Zelnick。请开始。

Brad Zelnick

Thank you very much for taking my question. And I'll echo my congrats and gratitude to Brett as well.

非常感谢你们回答我的问题。我也想再次向 Brett 表示祝贺和感谢。

Satya, as we think about Microsoft's very rich Copilot portfolio, now having been in market for over a year, with the products and precision only getting better and the cost of inference coming down, how do you think about the journey from here and perhaps the ability to package and evolve the go-to-market to address the broadest range of customers and customer requirements out there?

Satya，微软的 Copilot 产品组合已经在市场上推出一年多了。随着产品功能不断增强、推理成本持续下降，你如何看待未来的发展路径？特别是在如何打包和优化市场推广策略，以覆盖更广泛的客户群体和满足不同客户需求方面？谢谢。

Satya Nadella

Thanks, Brad, for the question. In fact, you saw us make two announcements recently.

谢谢，Brad。事实上，我们最近刚刚发布了两项重要公告。

One is on the M365 Copilot side, we now have the Copilot Chat.

首先，在 Microsoft 365 Copilot 方面，我们推出了 Copilot Chat。

So this is now going to be broadly deployed across the entire install base effectively because you can go have this now turned on by IT and everybody can start using web-grounded chat with all the enterprise controls right away.

这项功能现在可以在整个 Microsoft 365 的用户群中广泛部署。IT 管理员可以直接启用，所有用户都可以立即开始使用带有企业级控制功能的 Web 聊天。

It has Copilot Studio built in.

此外，它还内置了 Copilot Studio。

And so that means they can start building agents.

这意味着企业可以立即开始构建自己的 AI 代理（agents）。

So we think of that plus the full Copilot as a good combination that I think will accelerate quite frankly in terms of just seat usage and agent building and what have you.

因此，我们认为 Copilot Chat 与完整的 Copilot 结合在一起，将大幅推动用户增长、座席使用率以及 AI 代理的创建速度。

So that's sort of one.

这是第一点。

And the other thing is you also see even on the consumer side, we just yesterday launched o1, the Think Harder feature on Copilot.

另一方面，在消费级市场方面，我们昨天刚刚推出了 o1，即 Copilot 上的 Think Harder 功能。

Now that's powered by o1, it's available globally, right.

这项功能由 o1 提供支持，并已向全球用户开放。

So you can see the benefits of inference optimization and the cost coming down means you can drive more ubiquity of what were features that once were sort of premium tier.

这表明，推理优化和成本下降的直接好处是，过去可能属于高端付费级别的功能，现在可以更广泛地普及。

And that's all definitely something that we will do across, right.

这正是我们将在整个产品组合中持续推进的方向。

The same thing is happening in GitHub Copilot, same thing in Security Copilot.

类似的优化策略也正在 GitHub Copilot 和 Security Copilot 领域发生。

So across the length and breadth of our portfolio, you'll see that.

在整个 Copilot 产品线中，你们都会看到类似的优化和推广策略。

Brad Zelnick

Thank you.

谢谢。

Brett Iversen

Thanks, Brad. Operator, next question please.

谢谢，Brad。操作员，请提供下一个问题。

Operator

The next question comes from the line of Brad Reback with Stifel. Please proceed.

下一位提问的是 Stifel 的 Brad Reback。请开始。

Brad Reback

That's great. Thank you very much.

太好了，非常感谢。

Satya, if you look out several years, any sense of what percent of inference done on Azure will be done on proprietary models versus open models?

Satya，展望未来几年，你认为在 Azure 上进行的推理计算中，专有模型（proprietary models）与开源模型（open models）各自的占比可能是多少？

And with that said, does it matter to Microsoft at the end of the day? Thanks.

同时，从微软的角度来看，这种比例是否真的重要？谢谢。

Satya Nadella

Yes, it's a good question because at some level, what you're seeing is effectively lots of models that get used in any application, right.

这是个好问题。从某种程度上来看，我们在应用中使用的实际上是多个模型的组合。

When you look underneath even a Copilot or a GitHub Copilot or what have you, you already see lots of many different models that you build models, you fine-tune models, you distill models.

即便是像 Copilot 或 GitHub Copilot 这样的应用，你会发现它们的底层实际上涉及多个不同的模型，包括自研模型、微调模型（fine-tuned models）以及精炼模型（distilled models）。

Some of them are models that you distill into an open-source model. So there's going to be a combination.

其中有些模型经过优化后会变成开源模型。因此，未来的趋势将是专有模型和开源模型的结合。

So we've always maintained that it's always good to have frontier models.

我们一直认为，拥有最前沿的模型是至关重要的。

You want to always build your application with high ambition using the best model that is available and then optimize from there on.

在构建应用时，你应该始终采用当下最先进的模型，以实现更高的目标，然后再根据实际情况进行优化。

So that's also another side like there's a temporality to it, right.

这里涉及另一个关键因素——时间维度（temporality）。

What you start with as a given COGS profile doesn't need to be the end because you continuously optimize for latency and COGS and putting in different modes.

最初采用的计算成本（COGS）模式并不是最终模式，因为你可以持续优化推理延迟、计算成本，并根据不同的需求切换模式。

And in fact, all that complexity, by the way, has to be managed by a new app server.

此外，所有这些复杂性需要由一个新的应用服务器（app server）进行管理。

So one of the things that we are investing heavily on is Foundry because from an app developer perspective, you kind of want to keep pace with the flurry of models that are coming in.

因此，我们正在大力投资 Foundry，因为从应用开发者的角度来看，他们希望能够跟上不断涌现的新模型。

And you want to have an evergreen way for your application to benefit from all that innovation.

开发者希望应用能够以一种“永续”（evergreen）的方式，从所有这些创新中持续获益。

But not have all the Dev cost or the DevOps cost or what people talk about AIOps costs.

但与此同时，他们又不希望承担额外的开发成本（Dev cost）、运维成本（DevOps cost）或 AI 运维成本（AIOps cost）。

So we are also investing significantly in all the app server for any workload to be able to benefit from all these different models, open-source, closed-source, different weight classes.

因此，我们正在大力投资于应用服务器，使其能够支持各种工作负载，并从不同类型的模型中受益——无论是开源模型还是专有模型，无论是轻量级还是重量级模型。

And at the same time, from an operations perspective, it's faster, easier for you.

同时，从运营的角度来看，这也能让推理计算变得更快、更高效、更易管理。

Brad Reback

Great. Thank you.

太棒了，谢谢。

Brett Iversen

Thanks, Brad. Operator, next question please.

谢谢，Brad。操作员，请提供下一个问题。

Operator

And the next question comes from the line of Brad Sills with Bank of America. Please proceed.

下一位提问的是来自美国银行（Bank of America）的 Brad Sills。请开始。

Bradley Sills

Wonderful. Thank you so much. Great to hear about the strength you're seeing in Copilot.

太棒了，非常感谢。很高兴听到 Copilot 业务的强劲增长。

Would love to get some color as to where you're seeing that strength?

我想了解更多关于 Copilot 需求增长的具体情况。

Is it departmental deals, customers moving from proof-of-concept to departmental deals, maybe multiple departmental deals in the enterprise?

主要是部门级的部署吗？客户是从概念验证（PoC）阶段转向部门级应用？或者企业内部多个部门正在同时采用？

You mentioned some uptick in usage trends.

你们提到了使用趋势的上升。

Would love to get some color on just the common use cases that you're seeing that give you that confidence that, that will ramp into monetization later.

能否分享一些最常见的应用场景？是什么让你们有信心认为 Copilot 未来能够实现更广泛的商业化？谢谢。

Satya Nadella

Yes. I mean, I think the initial sort of set of seats were for places where there's more belief in immediate productivity.

是的。我认为，最初采用 Copilot 的场景主要是那些可以快速提升生产力的岗位。

A sales team, in finance or in supply chain, where there is a lot of like, for example, SharePoint-rounded data that you want to be able to use in conjunction with web data and have it produce results that are beneficial.

例如，销售团队、财务部门或供应链管理，他们通常会处理大量的 SharePoint 数据，并希望结合 Web 数据来生成有价值的结果。

But then what's happening, very much like what we have seen in the previous generation productivity things is that people collaborate across functions, across roles, right.

但随后，我们看到的趋势与之前的生产力工具推广过程非常相似，即企业内的跨职能、跨角色协作正在迅速增加。

For example, even in my own daily habit is, I go to chat, I use work tab, I get results, and then I immediately share using pages with colleagues.

举个例子，就我自己的日常使用习惯而言，我会先进入聊天界面，使用 Work 选项卡获取结果，然后立即通过 Pages 共享给同事。

I sort of call it think with AI and work with people.

我称之为“用 AI 思考，与人协作”（think with AI and work with people）。

And that pattern then requires you to make it more of a standard issue across the enterprise.

这种使用模式自然推动企业内部更广泛的部署，使 Copilot 成为标准化工具。

And so that's what we are seeing. It starts maybe at a department level.

这正是我们当前看到的趋势，部署往往从部门级别开始。

Quickly, the collaboration network effects will effectively demand that you spread it across.

但很快，协作网络效应就会推动企业更广泛的采用。

You can do it by cohort and what have you.

企业可以选择按批次逐步推广，或根据特定需求进行部署。

And so what we've made it easier even is to start with Copilot Chat plus this.

为了帮助企业更顺利地扩展使用，我们提供了 Copilot Chat 作为入门工具，并与其他 Copilot 解决方案结合使用。

And so that gives the enterprise customers even more flexibility to have something that's more ubiquitous.

这为企业客户提供了更大的灵活性，使 Copilot 可以更普遍地应用于各种工作场景。

Bradley Sills

Wonderful. Thank you so much.

太棒了，非常感谢。

Brett Iversen

Thanks, Brad. Operator, we have time for one last question.

谢谢，Brad。操作员，我们还有时间接最后一个问题。

Operator

And the last question will come from the line of Brent Bracelin with Piper Sandler. Please proceed.

最后一个问题来自 Piper Sandler 的 Brent Bracelin。请开始。

Brent Bracelin

Thank you for taking the question here. Good afternoon.

谢谢你们回答我的问题，下午好。

I wanted to go back to commercial bookings. Commercial RPO, I think, increased $39 billion sequentially.

我想回到商业订单（Commercial Bookings）的话题。我注意到商业剩余履约义务（Commercial RPO）环比增加了 390 亿美元。

That's the most we've ever seen on a sequential basis, commercial bookings growth, 75% constant currency.

这是我们有记录以来环比增长最高的季度，商业订单同比增长 75%（按不变汇率计算）。

That's 2x higher than we've seen in the last decade.

这个增长率是过去十年来的两倍。

I appreciate there's some volatility with this metric, but it does feel like this quarter there was a bit of a sea change relative to momentum on backlog and bookings.

我理解这个指标存在一定波动性，但本季度的订单积压（backlog）和商业订单（bookings）似乎出现了重大变化。

Can you just talk about maybe the breadth of where that strength came from?

你能否分享一下这一增长的主要来源？

Was it broad-based? Was there a couple of large deals? Any color there would be helpful? Thanks.

这种增长是广泛性的，还是由少数几个大订单驱动的？任何相关的信息都会很有帮助，谢谢。

Amy Hood

Thanks, Brent. It's a great question.

谢谢，Brent。这个问题很好。

We talked a little bit about what are the main drivers, which was one of the Azure commitments that OpenAI has made.

我们之前提到过，主要的驱动因素之一是 OpenAI 对 Azure 的长期承诺。

And I do want to say, well, that is obviously a big component, you'll continue to see OpenAI make commitments.

当然，这是一个重要的因素，但 OpenAI 的 Azure 承诺是一个持续增长的过程，而不是一次性的交易。

So I want to separate the concept that it's one time versus an ongoing relationship that will grow as they grow, which it absolutely will.

因此，我想澄清一点，这不是一次性的订单，而是一个持续增长的长期合作关系，OpenAI 未来的发展将继续推动这一增长。

And to your question on what else is participating in that number.

至于你的问题，除了 OpenAI 的 Azure 订单外，还有哪些因素贡献了这次增长？

First, we did have very good core motions.

首先，我们的核心销售策略（core motions）执行得非常好。

Our core motions are things like, to your point, renewals of our existing contracts, add-on to those contracts, upsell like, for example, Copilot or GitHub Copilot or other processes.

核心销售策略包括你提到的内容，如现有合同的续约、附加服务的销售，以及升级销售（upsell），例如 Copilot、GitHub Copilot 和其他产品的扩展。

And I think that's important.

这部分增长非常关键。

We also had a good E5 quarter, which when we talk a lot about M365 Copilot, I sometimes forget to also talk about suite momentum.

此外，E5 订阅本季度表现也很好。我们在谈论 M365 Copilot 时，有时候容易忽略 M365 套件的增长势头。

And we saw that as well this quarter, which we felt very good about.

但本季度，我们在 M365 套件业务上也看到了不错的增长，这让我们非常满意。

And then the final component is large Azure commitments.

最后一个关键因素是 Azure 的大额订单。

And those really did look as we expected, which is good.

这些大额订单的表现符合我们的预期，这是一件好事。

To your point, and that you're seeing a really broad-based growth.

就你的问题而言，本季度的增长确实具有广泛性。

Those Azure commitments take two forms.

Azure 订单主要有两种类型。

One, it's existing customers who've worked through their commitments and are making larger commitments, which is a good commitment sign for the platform.

第一类是现有客户，他们完成了之前的 Azure 订单，并选择签订更大规模的合同，这对 Azure 平台的长期发展来说是一个积极的信号。

And then you have new customers making commitments, and we also saw that this quarter.

第二类是新客户签订的 Azure 订单，我们在本季度也看到了这种增长。

And so to your point, sometimes I think a big number that looks like this can make you think it's just one thing.

因此，从表面上看，这个增长数据可能让人觉得它是由某个单一因素推动的。

I think you're right. Some of it was one thing, but a lot of it was good execution consistently across the workloads.

你的看法部分正确，确实有一部分增长来自单一因素，但更重要的是，我们在多个工作负载（workloads）上的良好执行力推动了整体增长。

Brent Bracelin

Helpful color. Thank you.

这非常有帮助，谢谢。

Brett Iversen

Thanks, Brad. That wraps up the Q&A portion of today's earnings call.

谢谢，Brad。今天的财报电话会议问答环节到此结束。

Thank you for joining today and we look forward to speaking with all of you soon.

感谢大家的参与，我们期待与大家再次交流。

Satya Nadella

Thank you all.

谢谢大家。

Amy Hood

Thank you.

谢谢。

Operator

This concludes today's conference. You may disconnect your lines at this time and enjoy the rest of your day.

本次会议到此结束。您现在可以断开线路，祝您度过愉快的一天。

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