2025-04-30 Microsoft Corporation (MSFT) Q3 2025 Earnings Call Transcript
Microsoft Corporation (NASDAQ:MSFT) Q3 2025 Earnings Conference Call April 30, 2025 5:30 PM ET
Company Participants
Jonathan Neilson - VP, IR
Satya Nadella - Chairman and CEO
Amy Hood - EVP and CFO
Conference Call Participants
Keith Weiss - Morgan Stanley
Brent Thill - Jefferies
Mark Moerdler - Bernstein Research
Karl Keirstead - UBS
Kash Rangan - Goldman Sachs
Mark Murphy - JPMorgan
Kirk Materne - Evercore ISI
Alex Zukin - Wolfe Research
Operator
Greetings, and welcome to the Microsoft Fiscal Year 2025 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.
欢迎大家参加微软2025财年第三季度财报电话会议。目前，所有与会者都处于只听模式。在正式发言结束后将进行问答环节。\[操作说明] 请注意，本次会议正在录音。
It is now my pleasure to introduce Jonathan Neilson, Vice President of Investor Relations. Please go ahead.
现在很荣幸为大家介绍微软投资者关系副总裁Jonathan Neilson。请开始。
Jonathan Neilson
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 Deputy General Counsel.
大家下午好，感谢您今天加入我们。本次电话会议上与我一起的还有董事长兼首席执行官Satya Nadella、首席财务官Amy Hood、首席会计官Alice Jolla以及公司秘书兼副总法律顾问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. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today’s call.
在微软投资者关系网站上，您可以查阅我们的财报新闻稿和财务摘要幻灯片，这些内容旨在补充我们今天电话会议上的发言，并提供GAAP与非GAAP财务指标之间的差异调节说明。当我们在电话会议中提供前景展望时，更详细的前景幻灯片也将在投资者关系网站上发布。
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.
在本次会议中，我们将讨论一些非GAAP项目。提供的非GAAP财务指标不应被视为GAAP财务指标的替代或优越形式。它们作为补充性说明，旨在帮助投资者进一步了解公司第三季度的业绩表现以及相关事项对财务结果的影响。
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.
除非另有说明，我们今天所作的所有增长对比均针对去年同期。当可用时，我们还将提供固定汇率下的增长率，以评估各项基础业务在剔除汇率波动影响后的表现。如在固定汇率下增长率不变，我们将只说明增长率。我们将在会议结束后立即在网站上发布预备发言稿，直至完整会议记录发布。
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.
本次电话会议正在进行实时网络直播并录音。如果您提出问题，该问题将被包含在直播、会议记录以及将来的任何录音使用中。您可以在微软投资者关系网站上重播会议并查阅会议记录。
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.
在本次电话会议中，我们将发表前瞻性声明，即对未来事件的预测、展望或其他相关表述。这些声明基于当前的预期和假设，可能受到各种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. We do not undertake any duty to update any forward-looking statement.
由于在今日财报新闻稿、电话会议发言及我们提交给美国证券交易委员会的Form 10-K、Form 10-Q以及其他报告和文件中所述因素的影响，实际结果可能与这些前瞻性声明有重大差异。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，请Satya发言。
Satya Nadella
Thank you, Jonathan. It was a record quarter, driven by continued strength of Microsoft Cloud, which surpassed \$42 billion in revenue, up 22% in constant currency. Cloud and AI are the essential inputs for every business to expand output, reduce costs and accelerate growth.
谢谢你，Jonathan。本季度创下了新的纪录，这得益于Microsoft Cloud的持续强劲表现，其收入突破了420亿美元，以固定汇率计算同比增长22%。云和人工智能是每个企业扩展产出、降低成本和加速增长的核心要素。
Now, I'll highlight examples starting with infrastructure. We continue to expand our data center capacity. This quarter alone, we opened DCs in 10 countries across four continents. Model capabilities are doubling in performance every six months, thanks to multiple compounding scaling laws.
现在，我将从基础设施方面举几个例子。本季度，我们继续扩展数据中心容量，仅本季度就在四大洲的10个国家新建了数据中心。由于多项复合扩展法则的推动，模型性能每六个月就会翻倍。
We continue to optimize and drive efficiencies across every layer, from DC design to hardware and silicon to system software to model optimization, all towards lowering costs and increasing performance. You see this in our supply chain where we have reduced dock to lead times for new GPUs by nearly 20% across our blended fleet where we have increased AI performance by nearly 30% ISO power and our cost per token, which has more than halved.
我们在每一层级持续进行优化和效率提升，从数据中心设计、硬件与芯片、系统软件到模型优化，目标是降低成本、提高性能。我们的供应链也反映了这一点：新GPU的交付周期缩短了近20%；在统一部署的计算集群中，AI性能在不增加能耗的情况下提升了近30%；而每个token的成本已下降超过一半。
When it comes to cloud migrations, we saw accelerating demand with customers in every industry, from Abercrombie & Fitch, to Coca-Cola and ServiceNow expanding their footprints on Azure. And we remain the cloud of choice for customers' mission-critical VMware, SAP and Oracle workloads with more regional availability than any other hyperscaler.
在云迁移方面，我们看到来自各行业客户的需求持续加速，包括Abercrombie & Fitch、可口可乐和ServiceNow等公司都在Azure上扩大部署。我们仍是客户在关键任务型VMware、SAP和Oracle工作负载方面的首选云平台，提供的区域可用性也领先所有其他超大规模云服务商。
We're also excited about the next frontier in cloud systems with quantum; in addition to putting our quantum stack on machines from our partners we're also making real progress on a path to a utility scale quantum computer with the introduction of Majorana 1.
我们也对云系统的下一个前沿——量子计算感到兴奋。除了将我们的量子堆栈部署在合作伙伴的量子计算机上，我们也在迈向实用规模量子计算机的道路上取得实质进展，目前已推出Majorana 1。
When it comes to data and analytics, we have deeply integrated our AI platform with our data stack. PostgreSQL usage accelerated for the third consecutive quarter, and it is now used by nearly 60% of the Fortune 500, including companies like BMW and BNY Mellon. Cosmos DB revenue growth also accelerated again this quarter and remains the go-to database for globally distributed NoSQL workloads at any scale. It is used by customers in every industry like CarMax, DocuSign, NTT Data and OpenAI.
在数据与分析方面，我们已经将AI平台深度集成到我们的数据栈中。PostgreSQL的使用量已连续三个季度加速增长，目前几乎被60%的财富500强企业采用，包括宝马和BNY Mellon。Cosmos DB本季度的营收增长也再次提速，仍是全球分布式NoSQL工作负载的首选数据库，被CarMax、DocuSign、NTT Data和OpenAI等各行业客户广泛采用。
This quarter, we also saw analytics consumption accelerate. Microsoft Fabric has more than 21,000 paid customers, up 80% year-over-year. Fabric brings together data workloads like data warehousing, data science, real-time intelligence, along with Power BI into one end-to-end solution.
本季度，我们也看到分析服务的使用加快。Microsoft Fabric的付费客户已超过21,000家，同比大增80%。Fabric将数据仓储、数据科学、实时智能和Power BI等工作负载整合为一体的端到端解决方案。
Real-time intelligence is now the fastest-growing workload in Fabric with 40% of customers already using it in just five months since becoming generally available, all up more than 50% of Fabric customers like Amorepacific, Louisiana state government and Petrobras use three or more workloads. And the amount of data in our multi-cloud data lake, OneLake, has grown more than 6x over the past year.
实时智能如今已是Fabric中增长最快的工作负载，自其正式发布以来短短五个月内已有40%的客户使用。此外，超过50%的Fabric客户（如爱茉莉太平洋、路易斯安那州政府和巴西石油公司）在使用三种或以上的工作负载。而我们的多云数据湖OneLake中的数据量在过去一年增长了6倍以上。
Now on to AI platform and tools. Foundry is the agent in AI app factory. It's now used by developers at over 70,000 enterprises and digital natives from Atomicwork to Epic, Fujitsu and Gainsight to H\&R Block and LG Electronics to design, customize and manage their AI apps and agents.
现在来说AI平台与工具。Foundry是AI应用工厂中的智能代理平台，现已被超过70,000家企业和数字原生公司采用，涵盖Atomicwork、Epic、富士通、Gainsight、H\&R Block和LG电子等，用于设计、定制和管理他们的AI应用和代理。
We processed over 100 trillion tokens this quarter, up 5x year-over-year, including a record 50 trillion tokens last month alone. And four months in over 10,000 organizations have used our new agent service to build, deploy and scale their agents.
本季度我们处理的token总量超过100万亿，同比增长5倍，仅上个月就创下了50万亿token的历史新高。在推出四个月内，已有超过10,000家机构使用我们的新代理服务来构建、部署并扩展他们的AI代理。
增长速度应该远超当年的手机应用。
This quarter, we also made a new suite of fine-tuning tools available to customers with industry leading reliability, and we brought the latest models from OpenAI along with new models from Cohere, DeepSeek, Meta, Mistral, Stability to Foundry.
我们本季度还向客户提供了一套全新的微调工具，具有业界领先的可靠性。同时，我们也将OpenAI的最新模型，以及来自Cohere、DeepSeek、Meta、Mistral和Stability的新模型引入Foundry平台。
And we've expanded our Phi family of SLMs with new multimodal and mini models. All up, Phi has been downloaded 38 million times. And our research teams are taking it one step further with BitNet b1.58, one billion parameter, large language model that can run on just CPUs coming to the Foundry.
我们扩展了Phi系列小语言模型（SLM），推出了新的多模态模型和轻量模型。Phi系列目前累计下载量已达3,800万次。我们的研究团队也更进一步，推出BitNet b1.58——一个拥有10亿参数的大型语言模型，可在仅使用CPU的环境中运行，并即将加入Foundry平台。
Now on to developer tools. We're evolving GitHub Copilot from pair to peer programmer with agent mode in VS Code, Copilot can now iterate on code, recognize errors and fix them automatically. This adds to other copilot agents like Autofix, which helps developers remediate vulnerabilities as well as code review agent, which has already reviewed over eight million pull requests.
现在来谈开发者工具。我们正在将GitHub Copilot从“配对编程助手”进化为“对等编程伙伴”。在VS Code中的代理模式下，Copilot现在可以对代码进行迭代、识别错误并自动修复。此外，还有如Autofix这样的Copilot代理工具，帮助开发者修复漏洞，以及代码审查代理，目前已审查超过800万个pull request。
And we are previewing a first-of-its-kind SWE agent capable of asynchronously executing developer tasks. All up, we now have over 15 million GitHub Copilot users up over 4x year-over-year, and both digital natives like Twilio and enterprises like Cisco, HPE, Skyscanner and Target continue to choose GitHub Copilot to equip their developers with AI throughout the entire dev life cycle.
我们目前正在预览首个此类的SWE（软件工程）代理，它能异步执行开发者任务。总体而言，GitHub Copilot的用户数量已超过1,500万，同比增长超过4倍。无论是像Twilio这样的数字原生企业，还是Cisco、HPE、Skyscanner和Target等大型企业，都继续选择GitHub Copilot，用AI贯穿整个开发生命周期，赋能开发者。
With Visual Studio and VS Code, we have the world's most popular editor with over 50 million monthly active users. And with Power Platform, we have the leading low-code platform for AI makers, too. We now have 56 million monthly active Power Platform users, up 27% year-over-year, who increasingly use our AI features to build apps and automate processes.
依托Visual Studio和VS Code，我们拥有全球最受欢迎的开发工具，其月活跃用户超过5,000万。同时，Power Platform也是AI创作者首选的低代码平台，目前月活跃用户已达5,600万，同比增长27%。越来越多用户利用我们的AI功能来构建应用程序和自动化流程。
Now on to future of work. Microsoft 365 Copilot is built to facilitate human agent collaboration, hundreds of thousands of customers across geographies and industries now use Copilot, up 3 times year-over-year. Our overall deal size continues to grow. In this quarter, we saw a record number of customers returning to buy more seats.
接下来谈谈未来的工作方式。Microsoft 365 Copilot旨在促进人类与智能代理之间的协作，现已被遍布全球、涵盖各行业的数十万客户采用，用户数量同比增长3倍。我们的整体合同规模持续扩大，本季度创下了客户回购席位数量的历史新高。
And we're going further. Just last week, we announced a major update, bringing together agents, notebooks, search and create into a new scaffolding for work. Our new researcher and analyst deep reasoning agents analyze vast amounts of web and enterprise data to deliver highly skilled expertise on demand directly within Copilot.
我们还在持续推进。就在上周，我们宣布了一项重大更新，将代理、笔记本、搜索与内容创作整合为一个全新的工作框架。我们的新型研究员和分析师级深度推理代理可以分析海量网络与企业数据，按需在Copilot中直接提供专业洞见。
Beyond horizontal knowledge work, we are introducing agents for every role and business process. Our sales agent turns contacts into qualified leads and with sales chat reps can quickly get up to speed on new accounts, and our customer service agent is deflecting customer inquiries and helping service reps resolve issues faster.
除了横向的知识型工作，我们还推出了面向各类岗位和业务流程的智能代理。例如，我们的销售代理可以将联系人转化为合格销售线索，并借助销售聊天功能帮助代表迅速了解新客户；客户服务代理则能自动应对咨询，协助服务人员更快解决问题。
With Copilot Studio, customers can extend Copilot and build their own agents with no code, low code. More than 230,000 organizations, including 90% of the Fortune 500 have already used Copilot Studio.
借助Copilot Studio，客户可以通过零代码或低代码扩展Copilot并构建自定义代理。目前已有超过23万家机构使用该平台，其中包括90%的《财富》500强企业。
With deep reasoning and agent flows in Copilot Studio, customers can build agents that perform more complex staff and also handle deterministic scenarios like document processing and financial approvals. And they can now build computer use agents that take action on the UI across desktop and web apps.
在Copilot Studio中通过深度推理和代理流程，客户可以打造能执行更复杂任务的智能代理，涵盖如文档处理和财务审批等确定性场景。现在他们还可以构建“电脑使用代理”，在桌面和网页应用的用户界面上执行具体操作。
And with just a click, they can turn any SharePoint site into an agent, too. This quarter alone, customers created over one million custom agents across SharePoint and Copilot Studio, up 130% quarter-over-quarter.
只需一键，客户还可以将任意SharePoint站点转变为一个智能代理。仅本季度，客户就在SharePoint与Copilot Studio中创建了超过100万个自定义代理，环比增长130%。
When it comes to business applications, Dynamics 365 again took share as companies like Avaya, Brunswick, Softcat, switch to Dynamics from legacy providers. Verizon, for example, chose Dynamics 365 Sales to improve the efficiency of its sellers. In Healthcare, Dragon Copilot is off to a fast start. Last quarter alone, we helped document nearly 9.5 million physician patient encounters at providers like City of Hope, Ottawa Hospital, Tufts Medicine and Wellstar, up over 50% quarter-over-quarter.
在业务应用方面，Dynamics 365继续扩大市场份额，Avaya、Brunswick和Softcat等企业纷纷从传统系统转向Dynamics。例如Verizon选择Dynamics 365 Sales以提升销售人员效率。在医疗领域，Dragon Copilot起步迅猛。仅上个季度，我们就帮助City of Hope、渥太华医院、塔夫茨医疗、Wellstar等机构记录了近950万个医患交流案例，环比增长超过50%。
In manufacturing, we introduced factory operations and safety agents at Hannover Messe and leading partners like Autodesk, PTC and Siemens have all built their own industrial AI solutions on our stack. And in retail, we have introduced agents to help customers like Bath & Body Works, build more personalized shopping experience and improve store operations.
在制造业方面，我们在汉诺威工业展上推出了面向工厂运营和安全的智能代理，Autodesk、PTC和西门子等领先合作伙伴也都基于我们的平台构建了各自的工业AI解决方案。在零售领域，我们也推出了代理，帮助如Bath & Body Works等客户打造更加个性化的购物体验并优化门店运营。
When it comes to Windows Copilot+ PCs are faster and have better battery life than any other device in their category. We also continue to win new customers with best-in-class AI capabilities. We offer a growing number of AI apps from partners like Adobe, Canva and Zoom.
关于Windows Copilot+，这类设备在同类产品中具备更快的性能和更优的电池续航能力。凭借一流的AI功能，我们持续赢得新客户。我们还提供了越来越多来自Adobe、Canva和Zoom等合作伙伴的AI应用。
Just last week, we rolled out exclusive AI experiences like Recall, Click to Do and Windows Search to all Copilot+ PCs. And we continue to see increased commercial traction as we approach end of support for Windows 10, Windows 11 commercial deployments increased nearly 75% year-over-year.
就在上周，我们将Recall、Click to Do和Windows Search等专属AI体验推向所有Copilot+ PC设备。随着Windows 10支持即将终止，Windows 11的企业部署同比增长近75%，我们在商用市场的吸引力持续增强。
Now on to security. Security is our top priority, and we have made significant progress against the engineering objectives we outlined 1.5 years ago as part of our Secure Future Initiative. We are now applying these learnings to deliver new innovation across our platform.
接下来谈安全。安全是我们的首要任务。自1年半前推出“安全未来计划”以来，我们在工程目标上已取得重大进展。我们正在将这些经验应用于整个平台，以实现新一轮创新。
Last month, along with our partners, we introduced Security Copilot agents to help defenders autonomously handle high-volume security and IT tasks informed by 84 trillion daily threat signals. We also added new capabilities to Defender, Entra and Purview to help organizations secure and govern their AI deployments.
上个月，我们与合作伙伴共同推出Security Copilot代理，帮助安全防护人员根据每日840亿条威胁信号自动处理大量安全与IT任务。我们还为Defender、Entra和Purview添加了新功能，协助组织更安全、更有治理地部署AI。
All up, we now have 1.4 million security customers, over \$900,000, including EY Global, Manpower Group, TriNet, Regions Bank have four or more workloads, up 21% year-over-year. And in identity, Entra now has more than 900 million monthly active users.
总体而言，我们现拥有140万家安全客户，其中超过90万家（如安永全球、Manpower集团、TriNet、Regions银行）在使用四项或更多安全工作负载，同比增长21%。在身份验证领域，Entra的月活跃用户已超过9亿。
Now on to our consumer businesses, starting with LinkedIn. Over one billion professionals use LinkedIn to connect, learn, hire and sell, and our membership continues to grow at double-digits year-over-year. Time spent watching videos on the platform was up 36% and comments were up 32% year-over-year. We're also seeing more members use AI to gain new skills and find jobs.
接下来是我们的消费类业务，首先从LinkedIn说起。全球已有超过10亿名专业人士使用LinkedIn进行联系、学习、招聘和销售，其会员数量继续保持两位数的年增长。用户在平台上观看视频的时间同比增长36%，评论数量同比增长32%。我们还看到越来越多会员使用AI提升技能、寻找工作。
The number of learners who have used AI-powered coaching increased over 2 times quarter-over-quarter, and we remain the market leader in hiring as customers like Equinix and Verizon use LinkedIn hiring assistant to find qualified candidates faster.
使用AI辅助教练学习的用户数量较上季度增长超过两倍。我们在招聘领域仍保持市场领先地位，客户如Equinix和Verizon利用LinkedIn招聘助手更高效地寻找合适人才。
When it comes to LinkedIn Premium, we saw 75% quarter-over-quarter subscriber growth to our premium pages offering for SMBs. And LinkedIn Marketing Solution continues to be the best way to reach B2B decision-makers with two consecutive quarters of accelerated revenue growth.
在LinkedIn Premium方面，我们面向中小企业推出的付费主页服务，其订阅用户环比增长了75%。LinkedIn营销解决方案则依旧是触达B2B决策者的最佳渠道，其收入已连续两个季度加速增长。
More broadly, when it comes to advertising, we are transforming our people's search, browse, discover content and use AI as a personal assistant. With Copilot Search in Bing, we are reimagining search results with overview pages curated by AI and embedded conversational capabilities with Copilot Vision and Edge, Copilot sees what you see and gives you real-time responses while you browse.
更广泛来看，在广告业务方面，我们正在重塑用户搜索、浏览和发现内容的方式，并将AI作为个人助手融入其中。通过Bing的Copilot Search，我们以AI生成的总览页面和嵌入式对话功能重新定义搜索体验。在Copilot Vision与Edge中，Copilot可以“看到你所见”，并在浏览过程中实时回应。
With Copilot Discover, we are personalizing MSN experience based on user interactions and preferences. And with our updated Copilot app, we are focused on building daily engagement and successful sessions across a range of modalities, whether it is conversing, searching, shopping or travel planning. All up, we again took share across Bing and Edge, and our total advertising revenue across our businesses has surpassed \$20 billion over the past 12 months.
通过Copilot Discover，我们正在根据用户行为与偏好个性化MSN体验。我们最新版本的Copilot应用，致力于在对话、搜索、购物或旅行计划等多种场景下推动日常互动与高质量使用体验。总体而言，我们在Bing与Edge上的市场份额再次提升，过去12个月我们的广告总收入已突破200亿美元。
Now on to gaming. We continue to transform the business and focus on margin expansion as we bring our games to over 500 million monthly active users across devices. We ended the quarter as the top publisher by preorders and pre-installs on both Xbox and PlayStation store.
接下来说说游戏业务。我们持续转型并专注于利润率提升，目前我们的游戏产品已覆盖超过5亿月活跃用户，遍及各类设备。本季度我们成为Xbox与PlayStation商店中预购与预安装量最高的发行商。
PC Game Pass revenue increased over 45% year-over-year. With Xbox Play Anywhere players now can access more than 1,000 games they can play across console and PC. And just last week, we brought cloud gaming to LG TVs. Cloud gaming set a new record, surpassing 150 million hours played for the first time this quarter.
PC Game Pass的收入同比增长超过45%。通过Xbox Play Anywhere，玩家可以在主机和PC上畅玩超过1,000款游戏。就在上周，我们还将云游戏引入LG电视。本季度云游戏创下新纪录，首次突破1.5亿小时的游戏时长。
We are also integrating AI across the Xbox, new Copilot for Gaming, is a personalized gaming companion that provides in-game assistant and expert coaching and our first-of-its-kind use model can generate gameplay in real time.
我们也正在将AI全面整合进Xbox平台。全新的“游戏版Copilot”是一个个性化游戏助手，可在游戏过程中提供实时辅助与专业指导，并可通过首创的生成模型实时生成游戏内容。
Finally, it's fantastic to see the success of the Minecraft movie, which is the top grossing film of the year. In addition to monetizing our IP in new ways, we have seen a 75% plus increase in weekly active users of the game year-over-year since the release.
最后，《Minecraft》电影大获成功，成为年度票房冠军令人振奋。除了以全新方式实现IP变现，游戏本身的每周活跃用户自上映以来也同比增长超过75%。
In closing, we are rapidly innovating to expand our opportunity across both consumer and commercial businesses in just a few weeks at our Build conference, we'll share how we are creating the most powerful AI platform for developers and I encourage you to tune in.
总结来说，我们正在快速创新，扩展消费与商业两大业务领域的机会。再过几周，在Build大会上，我们将分享如何为开发者打造最强大的AI平台，欢迎大家届时关注。
With that, let me turn it over to Amy.
接下来请Amy继续发言。
**Amy Hood**
Thank you, Satya, and good afternoon, everyone. This quarter, revenue was \$70.1 million, up 13% and 15% in constant currency. Gross margin dollars increased 11% and 13% in constant currency, while operating income increased 16% and 19% constant currency, and earnings per share was \$3.46, an increase of 18% and 19% in constant currency. Results exceeded expectations, driven by focused execution from our sales and partner teams.
谢谢你，Satya，大家下午好。本季度营收为701亿美元，同比增长13%，按固定汇率计算增长15%。毛利额增长11%，固定汇率下增长13%；营业利润增长16%，固定汇率下增长19%；每股收益为3.46美元，同比增长18%，按固定汇率计算增长19%。业绩超出预期，主要得益于销售与合作伙伴团队的专注执行。
We continue to see strong demand for our cloud and AI offerings as they help customers drive productivity, increase efficiencies and grow their businesses. And again, this quarter, revenue from our AI business was above expectations. Commercial bookings increased 18% and 17% in constant currency, significantly ahead of expectations again this quarter driven by an Azure commitment from OpenAI.
我们持续看到客户对我们云和AI产品的强劲需求，因为它们帮助客户提升生产力、提高效率并推动业务增长。本季度AI业务收入再次超出预期。商业订单同比增长18%，固定汇率下增长17%，大幅超出预期，主要由OpenAI在Azure上的承诺驱动。
We also saw consistent execution across our core annuity sales motions and continued long-term commitments to our platform. Commercial remaining performance obligation increased to \$315 billion, up 34% and 33% in constant currency. Roughly 40% will be recognized in revenue in the next 12 months, up 17% year-over-year. The remaining portion recognized beyond the next 12 months increased 47%.
我们在核心年金销售模式中也实现了稳定执行，客户对我们平台的长期承诺持续增强。商业剩余履约义务（RPO）增长至3,150亿美元，同比增长34%，按固定汇率计算增长33%。其中大约40%将在未来12个月内确认为收入，同比增长17%；剩余将在12个月后确认的部分增长了47%。
And this quarter, our annuity mix was 98%. That was roughly in line with expectations on total company revenue, segment level revenue and operating expense growth. FX decreased COGS growth by only one point, one point unfavorable to expectations.
本季度年金收入占比为98%，与公司整体营收、各业务部门营收及运营支出增长的预期基本一致。汇率因素仅使销售成本增长减少了1个百分点，这一影响略低于预期。
Microsoft Cloud revenue was \$42.4 billion, ahead of expectations and grew 20% and 22% in constant currency. Microsoft Cloud gross margin percentage was 69%, in line with expectations and decreased three points year-over-year, driven by the impact of scaling our AI infrastructure.
Microsoft Cloud营收为424亿美元，超出预期，同比增长20%，按固定汇率计算增长22%。其毛利率为69%，符合预期，但同比下降了3个百分点，主要由于AI基础设施扩展带来的影响。
Company gross margin percentage was also 69%, down one point year-over-year, driven by scaling our AI infrastructure. Operating expenses increased 2% and 3% in constant currency, lower than expected due to our focus on cost efficiencies, as well as investments that shifted to Q4.
公司整体毛利率同样为69%，同比下降1个百分点，亦因AI基础设施扩展所致。运营支出增长2%，按固定汇率计算增长3%，低于预期，原因包括我们对成本效率的关注以及部分投资延后至第四季度。
Operating margins increased one point year-over-year to 46%, better than expected as we continue to focus on building high-performing teams and increasing our agility by reducing layers with fewer managers. At a total company level, headcount at the end of March was 2% higher than a year ago and was down slightly compared to last quarter.
营业利润率同比提升1个百分点至46%，好于预期，我们持续专注于打造高效团队，并通过减少管理层级提升组织敏捷性。公司整体层面，截至3月底的员工总数比去年同期增长2%，但较上季度略有下降。
**Now to our segment results.** Revenue from *Productivity and Business Processes* was \$29.9 billion and grew 10% and 13% in constant currency, ahead of expectations, driven by LinkedIn, Microsoft 365 commercial products, and Microsoft 365 consumer. M365 commercial cloud revenue increased 12% and 15% in constant currency, in line with expectations. ARPU growth was again driven by E5 and M365 Copilot.
**接下来是各业务部门的表现。**“生产力与业务流程”板块营收为299亿美元，同比增长10%，固定汇率下增长13%，超出预期，主要由LinkedIn、Microsoft 365商业产品和消费级产品驱动。M365商业云营收增长12%，固定汇率下增长15%，符合预期。ARPU（每用户平均收入）增长再次受益于E5及M365 Copilot。
With M365 Copilot, we continue to see growth across customer segments and geos. Paid M365 commercial seats grew 7% year-over-year to over \$430 million. While we continue to see installed base expansion across all customer segments, growth was primarily driven by our small and medium business and frontline worker offerings.
借助M365 Copilot，我们在各类客户群体和地区市场都保持增长。付费的M365商业席位同比增长7%，达到超过4.3亿。虽然各类客户的安装基数都在增长，但主要增长动力来自中小企业与一线员工解决方案。
M365 Commercial products revenue increased 5% and 8% in constant currency, ahead of expectations due to higher-than-expected office transactional purchasing. M365 consumer cloud revenue increased 10% and 12% in constant currency, ahead of expectations, driven by higher than expected subscription growth following the January price increase.
M365商业产品收入增长5%，按固定汇率计算增长8%，因办公软件交易性购买量高于预期而超出预期。M365消费级云收入增长10%，按固定汇率计算增长12%，也超出预期，得益于1月份涨价后订阅量增长超出预期。
M365 Consumer subscriptions grew 9% to \$87.7 million. LinkedIn revenue increased 7% and 8% in constant currency. Results were ahead of expectations due to better than expected performance across all businesses.
M365消费订阅用户增长9%，达8,770万。LinkedIn营收增长7%，固定汇率下增长8%，所有业务线表现均好于预期。
The Talent Solutions business continues to be impacted by weakness in the hiring market. Dynamics 365 revenue increased 16% and 18% in constant currency, in line with expectations with continued growth across all workloads.
人才解决方案业务仍受到招聘市场疲软的影响。Dynamics 365营收增长16%，按固定汇率计算增长18%，符合预期，所有工作负载均实现持续增长。
Segment gross margin dollars increased 10% and 13% in constant currency, and gross margin percentage was relatively unchanged year-over-year even with the impact of scaling our AI infrastructure. Operating expenses increased 1% and 2% in constant currency, and operating income increased 15% and 18% in constant currency.
该板块毛利额增长10%，固定汇率下增长13%；尽管AI基础设施扩展产生影响，但毛利率与去年同期基本持平。运营支出增长1%，固定汇率下增长2%；营业利润增长15%，按固定汇率计算增长18%。
**Next, the Intelligent Cloud segment.** Revenue was \$26.8 billion and grew 21% and 22% in constant currency, ahead of expectations driven by Azure. In Azure and other cloud services, revenue grew 33% and 35% in constant currency, including 16 points from AI services.
\*\*接下来是“智能云”板块。\*\*营收为268亿美元，同比增长21%，按固定汇率增长22%，超出预期，主要受Azure推动。Azure及其他云服务收入增长33%，固定汇率下增长35%，其中AI服务贡献了16个百分点。
Focused execution drove non-AI services results where we saw accelerated growth in our enterprise customer segment, as well as some improvement in our scale motions. And in Azure AI services, we brought capacity online faster than expected.
专注执行也推动了非AI服务的表现，我们在企业客户群中看到加速增长，并在大规模销售执行方面有所改善。而在Azure AI服务方面，我们的产能上线速度快于预期。
In our on-premises server business, revenue decreased 6% and 4% in constant currency, slightly below expectations driven by renewals with lower in-period revenue recognition from the mix of contracts. The year-over-year decline is reflective of the continued customer shift to cloud offerings.
在本地服务器业务中，营收同比下降6%，按固定汇率计算下降4%，略低于预期，原因在于续约合同结构使得当期确认收入较少。同比下降也反映出客户持续向云产品转移的趋势。
Enterprise and Partner Services revenue increased 5% and 6% in constant currency, slightly ahead of expectations, due to better than expected performance in Enterprise Support Services.
企业与合作伙伴服务营收增长5%，按固定汇率计算增长6%，略高于预期，得益于企业支持服务表现好于预期。
Segment gross margin dollars increased 13% and 14% in constant currency, and gross margin percentage decreased four points year-over-year driven by scaling our AI infrastructure. Operating expenses increased 6% and 7% in constant currency, and operating income grew 17% and 18% in constant currency.
该板块毛利额增长13%，固定汇率下增长14%；毛利率同比下降4个百分点，主要因AI基础设施扩展所致。运营支出增长6%，按固定汇率增长7%；营业利润增长17%，固定汇率下增长18%。
Now to More Personal Computing. Revenue was $13.4 billion and grew 6% and 7% in constant currency, ahead of expectations due to better than expected results across all businesses. Windows OEM and Devices revenue increased 3% year-over-year, ahead of expectations as tariffs uncertainty through the quarter resulted in inventory levels that remained elevated.
接下来是“更多个人计算”板块。营收为134亿美元，同比增长6%，按固定汇率计算增长7%，由于各项业务表现超出预期，因此整体高于预期。Windows OEM和设备营收同比增长3%，高于预期，主要因本季度关税不确定性导致库存水平维持在较高水平。
Search and news advertising revenue ex-TAC increased 21% and 23% in constant currency. Results were significantly ahead of expectations, driven by usage from a third-party partnership better-than-expected rate expansion and volume growth across Edge and Bing.
剔除流量获取成本（TAC）后，搜索与新闻广告营收同比增长21%，按固定汇率增长23%，大幅超出预期，得益于第三方合作带来的使用增长、广告单价好于预期以及Edge与Bing的使用量增长。
And in gaming. Revenue increased 5% and 6% in constant currency. Xbox content and services revenue increased 8% and 9% in constant currency, ahead of expectations driven by stronger-than-expected performance in third-party and first-party content.
在游戏业务方面，营收同比增长5%，按固定汇率计算增长6%。Xbox内容与服务收入同比增长8%，固定汇率下增长9%，由于第一方和第三方内容表现强劲，整体高于预期。
Segment gross margin dollars increased 9% and 11% in constant currency. Gross margin percentage increased 2 points year-over-year driven by strong execution on margin improvement in search and gaming. Operating expenses increased 1%. Operating income increased 21% and 23% in constant currency, driven by continued prioritization of higher margin opportunities.
该板块毛利额增长9%，固定汇率下增长11%；毛利率同比提升2个百分点，得益于搜索与游戏业务毛利率改善的有效执行。运营支出增长1%；营业利润同比增长21%，按固定汇率增长23%，主要得益于我们持续聚焦高利润机会。
Now back to total company results. Capital expenditures, including finance leases, were $21.4 billion, slightly lower than expected due to normal variability from the timing of delivery of data center leases.
回到公司整体业绩。本季度资本支出（包括融资租赁）为214亿美元，略低于预期，主要由于数据中心租赁交付时间的正常波动。
Cash paid for PP&E was $16.7 billion, roughly half of our cloud and AI related spend was on long-lived assets that will support monetization over the next 15 years and beyond.
用于购买物业、厂房与设备（PP&E）的现金为167亿美元，其中大约一半是用于支持未来15年甚至更久的云和AI相关长期资产。
The remaining cloud in AI spend was primarily for servers, both CPUs and GPUs, to serve customers based on demand signals, including our customer contracted backlog of $315 billion.
剩余的云与AI支出主要用于服务器，包括CPU和GPU，以满足客户需求信号，包括我们当前签署的3,150亿美元的客户合同积压。
Cash flow from operations was $37 billion, up 16%, driven by strong cloud billings and collections, partially offset by higher tax payments. And this quarter, free cash flow was $20.3 billion.
运营现金流为370亿美元，同比增长16%，主要得益于云业务账单与收款强劲，部分被较高的税款支付所抵消。本季度自由现金流为203亿美元。
Other income and expense was negative $623 million, more favorable than anticipated, primarily due to net gains on derivatives and investments. Our losses on investments accounted for under the equity method were slightly higher than expected.
其他收入与支出为-6.23亿美元，优于预期，主要因衍生品与投资净收益贡献。采用权益法核算的投资亏损略高于预期。
Our effective tax rate was approximately 18%. And finally, we returned $9.7 billion to shareholders through dividends and share repurchases, an increase of 15% year-over-year.
我们的有效税率约为18%。最后，本季度我们通过分红与股票回购向股东返还资金97亿美元，同比增长15%。
Now moving to our Q4 outlook, which unless specifically noted otherwise, is on a U.S. dollar basis. First, through April, demand signals across our commercial businesses as well as in LinkedIn, gaming and search have remained consistent. Our outlook assumes those trends continue in Q4. If the environment changes, our results may be impacted.
接下来是我们对第四季度的展望，除非另有说明，均以美元计。首先，截至4月，我们在商业业务、LinkedIn、游戏与搜索方面的需求信号保持稳定。我们的展望假设这些趋势将在第四季度持续，如环境发生变化，业绩可能受到影响。
In our Windows OEM business, our outlook assumes the elevated inventory levels from Q3 will come down in Q4. We have widened our guidance range in our More Personal Computing segment to account for some of this variability.
在Windows OEM业务中，我们的展望假设第三季度的高库存水平将在第四季度下降。我们扩大了“更多个人计算”板块的指引区间，以应对这一不确定性。
Next, FX. With the weakening of the U.S. dollar in April, we now expect FX to increase total revenue growth by 1 point. Within the segments, we expect FX to increase revenue growth by 1 point in Productivity and Business Processes and less than 1 point in Intelligent Cloud and More Personal Computing. We expect FX to increase COGS operating expense growth by less than 1 point.
最后是汇率影响。由于4月美元走弱，我们现在预计汇率因素将使总营收增长提升1个百分点。在具体板块中，我们预计汇率将推动“生产力与业务流程”营收增长提升1个百分点，在“智能云”和“更多个人计算”板块的影响则低于1个百分点。同时我们预计汇率对销售成本与运营支出增长的影响也低于1个百分点。
In commercial bookings, we expect solid growth on a significant prior year comparable and a growing expiry base. Bookings growth will be driven by strong execution across our core annuity sales motions and continued long-term commitments to our platform.
在商业订单方面，尽管去年同期基数较高，但我们预计将在到期基础不断扩大的带动下实现稳健增长。订单增长将由我们在核心年金销售模式中的强劲执行力以及客户对我们平台的持续长期承诺推动。
As a reminder, larger, longer-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，规模更大、期限更长的Azure合同在签订时间上更难预测，因此可能导致季度订单增长率波动加剧。
Microsoft Cloud gross margin percentage should be roughly 67%, down year-over-year, primarily driven by the impact of scaling our AI infrastructure.
Microsoft Cloud的毛利率预计将约为67%，同比下降，主要由于AI基础设施扩展带来的影响。
And now capital expenditures. We expect Q4 capital expenditures to increase on a sequential basis. H2 CapEx in total remains unchanged from our January H2 guidance. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.
资本支出方面，我们预计第四季度的资本支出将环比增长。下半年的总资本支出仍与我们1月份的指导一致。需要提醒的是，云基础设施建设及融资租赁交付时间的变化可能会导致季度支出波动。
Next to segment guidance. In Productivity and Business Processes, we expect revenue of $32.05 billion to $32.35 billion or growth of 11% to 12% in constant currency. M365 Commercial Cloud revenue growth should be approximately 14% in constant currency, relatively stable compared to the prior quarter.
接下来是各业务板块的指引。在“生产力与业务流程”板块，我们预计营收将在320.5亿至323.5亿美元之间，按固定汇率计算增长11%至12%。M365商业云收入预计将增长约14%，与上一季度相比相对稳定。
We expect continued ARPU growth through E5 and M365 Copilot and some steep growth moderation given the size of the installed base. M365 Commercial products revenue growth should be in the mid-single-digits.
我们预计通过E5与M365 Copilot将继续推动ARPU增长，尽管考虑到已安装用户基数庞大，增长速度会逐步放缓。M365商业产品收入预计将实现中单位数百分比的增长。
As a reminder, M365 commercial products includes both the Windows Commercial on-premises components of M365 suite and office transactional purchasing, both of which can be variable due to in-period revenue recognition dynamics.
请注意，M365商业产品包括M365套件中的Windows商用本地组件和Office一次性购买，这两部分的收入都可能因当期确认方式不同而具有波动性。
M365 Consumer Cloud revenue growth should be in the mid-teens, driven by the January price increase. For LinkedIn, we expect revenue growth in the high single-digits. And in Dynamics 365, we expect revenue growth to be in the mid- to high teens with continued growth across all workloads.
M365消费级云收入预计将实现中双位数增长，受1月份涨价的推动。LinkedIn的营收预计将实现高单位数增长。Dynamics 365预计将实现中至高双位数增长，各类工作负载将继续保持增长。
For Intelligent Cloud, we expect revenue of $28.75 billion to $29.05 billion or growth of 20% to 22% in constant currency. 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.
在“智能云”板块，我们预计营收将在287.5亿至290.5亿美元之间，按固定汇率增长20%至22%。Azure仍将是营收增长的主要驱动力；需要提醒的是，由于合同结构不同，Azure的当期收入确认可能导致季度波动。
In Azure, we expect Q4 revenue growth to be between 34% and 35% in constant currency, driven by strong demand for our portfolio of services. In our non-AI services, we expect focused execution to continue driving healthy growth. And in our AI services, while we continue to bring data center capacity online as planned, demand is growing a bit faster. Therefore, we now expect to have some AI capacity constraints beyond June.
Azure第四季度收入预计将在固定汇率下增长34%至35%，受到我们服务组合强劲需求的推动。非AI服务方面，我们预计通过专注执行将继续实现稳健增长。AI服务方面，虽然我们按计划持续上线数据中心产能，但需求增长略快于预期，因此预计6月以后AI产能将出现一定限制。
In our on-premises server business, we again expect revenue to decline in the mid-single-digits with the ongoing customer shift to cloud offerings. And in Enterprise and Partner Services, we expect revenue growth to be in the mid- to high single-digits, driven by enterprise support services.
在本地服务器业务方面，预计营收将再次以中单位数百分比下降，反映出客户持续向云产品转移。在企业与合作伙伴服务方面，我们预计收入将实现中至高单位数增长，主要由企业支持服务推动。
In More Personal Computing, we expect revenue to be $12.35 billion to $12.85 billion. Windows OEM and devices revenue should decline in the mid to high single-digits.
在“更多个人计算”板块，我们预计营收将在123.5亿至128.5亿美元之间。Windows OEM和设备收入预计将下降中至高单位数百分比。
We expect Windows OEM revenue to decline in the low to mid-single-digits assuming OEM inventory levels come down through the quarter as noted earlier, although the range of potential outcomes is wider than normal. Devices revenue should decline in the high teens.
我们预计Windows OEM营收将下降低至中单位数百分比，前提是OEM库存在本季度逐步下降，如前文所述，但其可能的结果区间比往常更宽。设备营收预计将下降高双位数百分比。
Search and news advertising ex-TAC revenue growth should be in the high teens, even on a strong prior year comparable. We expect to see continued growth in both volume and revenue per search with share gains across Edge and Bing.
搜索与新闻广告在剔除TAC后，营收增长预计为高双位数，即便去年同期基数较高。我们预计搜索量与每次搜索的收入将持续增长，Edge和Bing的市场份额也将进一步提升。
Overall, search and news advertising revenue growth should be in the mid-teens. And in gaming, we expect to be in the mid-single-digits. We expect Xbox content and services revenue growth to be in the high single-digits, driven by first-party content.
整体来看，搜索与新闻广告收入增长预计为中双位数；游戏业务收入预计将增长中单位数百分比。其中Xbox内容与服务收入预计将增长高单位数百分比，由第一方内容带动。
Now, back to company guidance. We expect COGS of $23.6 billion to $23.8 billion or growth of 19% to 20% in constant currency, and operating expense of $18 billion to $18.1 billion or growth of approximately 5% in constant currency. Therefore, even with ongoing AI investments as we scale, we continue to expect full year FY 2025 operating margins to be up slightly year-over-year.
回到公司层面指引。预计销售成本（COGS）将在236亿至238亿美元之间，按固定汇率计算增长19%至20%；运营支出预计为180亿至181亿美元，增长约5%。因此，尽管AI投资持续增加，我们仍预计2025财年全年运营利润率将同比略有提升。
Other income and expense is expected to be roughly negative $1.2 billion, primarily driven by investments accounted for under the equity method. As a reminder, we do not recognize mark-to-market gains or losses on equity method investments. And lastly, we expect our Q4 effective tax rate to be approximately 19%.
其他收入与支出预计为约-12亿美元，主要由按权益法核算的投资导致。需要提醒的是，我们不会对这类投资按市值变动进行损益确认。最后，我们预计第四季度的有效税率约为19%。
Now I'd like to share some closing thoughts as we look to the next fiscal year. We remain committed to investing against the strong demand signals we see for our services.
最后，我想就下一财年分享一些总结性看法。我们将继续根据服务强劲的市场需求信号坚定投资。
So, as a reminder, our earlier comments on FY 2026 capital expenditures remain unchanged. We expect CapEx to grow. It will grow at a lower rate than FY 2025 and will include a greater mix of short-lived assets, which are more directly correlated to revenue than long-lived assets. These investments along with focused execution that delivers near-term value to our customers will ensure we continue to lead through the cloud and AI opportunity ahead.
因此，请记住，我们先前关于2026财年资本支出的表述保持不变。我们预计资本支出仍将增长，但增速将低于2025财年，且将有更大比例投向短期资产，这类资产与收入的关联性更强。这些投资加上专注执行、为客户创造短期价值的能力，将确保我们在未来的云与AI机遇中继续保持领先。
With that, let's go to Q&A, Jonathan.
说到这里，我们进入问答环节，交给Jonathan。
Jonathan Neilson
Thanks, Amy. We'll now move over to Q\&A. Out of respect to others on the call, we request that participants please only ask one question. Operator, can you please repeat your instructions.
谢谢你，Amy。我们现在进入问答环节。为了尊重其他参会者，请每位提问者只提一个问题。主持人，请重复一次提问说明。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] Our first question comes from the line of Keith Weiss with Morgan Stanley. Please proceed.
【操作说明】我们的第一个问题来自摩根士丹利的Keith Weiss，请提问。
Keith Weiss
Excellent. Thank you guys for taking the question and congratulations on a fantastic quarter. And what all of us are looking at as a difficult environment, a lot of uncertainty out there. So really impressive to put up the results that you guys did.
太好了，谢谢你们回答我的问题，也祝贺你们在这个困难、充满不确定性的环境中交出了一份出色的成绩单，令人非常印象深刻。
One of the things that we heard a lot about this quarter in the media and press reports was changing data center commitments, maybe Microsoft walking away from some of those data center commitments.
本季度我们在媒体和新闻报道中频繁听到的一件事是关于数据中心承诺的变化，也许微软正在退出部分数据中心的承诺。
But it sounds like the AI demand is very strong. You're talking about not being able to hit all of that demand with the supply. So can you talk to us about what's going on with your data center strategy? Are there any shifts taking place?
但听起来AI的需求非常强劲。你们提到目前的供应还无法满足所有需求。那能不能请你们谈谈目前数据中心战略的具体情况？是否发生了一些变化？
And maybe in particular, Satya, you could talk about some of the comments that you had made about the potential risk for oversupplies and GPUs out in the future. What exactly was that risk you were talking about? And are you incorporating that risk into your data center strategy?
特别是，Satya，你之前提到未来GPU可能出现过剩风险。你具体指的是什么风险？你们是否已将这个风险纳入到数据中心战略中？
Satya Nadella
Yes. First of all, thanks, Keith, for the question. The reality is we've always been making adjustments to build, lease, what pace we build all through the last 10, 15 years, it's just that you all pay a lot more attention to what we do quarter-over-quarter nowadays.
是的。首先感谢你的提问，Keith。事实上，在过去的10到15年里，我们一直在不断调整建设、租赁以及建设节奏，只不过现在大家对我们每个季度的动向关注度更高了。
Having said that, the key thing for us is to have our builds and lease be positioned for what the workload growth of the future, right? So that's what you have to go seek to. So there's a demand part to it, there is the shape of the workload part to it, and there is a location part to it.
话虽如此，对我们来说，关键是确保我们的建设和租赁能够匹配未来工作负载的增长。这就涉及三个方面：需求的规模、工作负载的类型以及地域的布局。
So you don't want to be upside down on having one big data center in one region when you have a global demand footprint. You don't want to be upside down when the shape of demand changes because, after all, with essentially pre-training plus test time compute. That's a big change in terms of how you think about even what is training, right, forget inferencing.
你不能在一个地区建一个巨大数据中心却忽视了全球范围的需求分布；你也不能在需求形态发生变化时反应迟钝——现在训练包括预训练和测试阶段，对训练的理解已经与过去大不相同了，更不用说推理阶段了。
So fundamentally, given all of that, and then every time there's great Moore's Law, but remember, this is a compounding sort of S curve, right, which is Moore's Law, there's system software, there's model architecture changes, there's the app server efficiency. Given all of that, we just want to make sure we're building accounting for the latest and greatest sort of information we have on all of that.
所以综合考虑所有这些因素，再加上摩尔定律本身就是一条复合的S曲线，它牵涉到系统软件、模型架构的变化、应用服务器的效率等等。我们要做的，就是确保我们的建设决策基于最先进、最准确的信息。
And that's what you see reflected, and I feel very, very good about the pace. In fact, Amy just mentioned, we will be short power. And so therefore -- but it's not power, but it's not a blanket statement. I need power in specific places so that we can either lease or build at the pace at which we want. And so that's the sort of plan that we're executing to. Maybe, Amy, you can add that.
这些正是你们现在看到的执行策略，我对当前的节奏感到非常满意。实际上，Amy刚才提到我们会“电力不足”，但这并不是一个泛泛的说法，而是我们在特定地区需要电力资源，以便按计划进行租赁或建设。这正是我们正在执行的战略。也许Amy可以补充一下。
Amy Hood
Yes, maybe just add a little bit to Satya's comments. Just a reminder, these are very long lead time decisions. From land to build, to build-outs can be lead times of five to seven years, two to three years. So we're constantly in a balancing position as we watch demand curves and many of the things Satya watch.
好的，我来稍微补充一下Satya的发言。提醒一下，这些决策周期都非常长。从买地到建设再到投产，周期可能长达5到7年，短的也要2到3年。所以我们始终在根据需求曲线和其他变量进行动态平衡。
And the second part is just to maybe remind you when Satya talks about being short power, he's really talking about data center space. And so we've continued through the second half to put things in place.
第二点是，当Satya提到“电力短缺”时，他其实是指数据中心空间不足。因此我们在下半年持续做准备工作。
In fact, we talked a little bit about pulling even some of that space to be ready earlier and being able to deliver that earlier to customers this quarter, which is really good work by the teams as we continue to get more and more efficient at that process. And I look forward to being able to continue to do that in the future.
事实上我们已经提前准备了部分空间，并在本季度提前交付给客户，团队在提升效率方面做得非常出色。我也非常期待未来能持续优化这项工作。
I did talk about in my comments, we had hoped to be in balance by the end of Q4. We did see some increased demand as you saw through the quarter. So we are going to be a little short, a little tight as we exit the year but are encouraged by that.
正如我在评论中提到的，我们原本希望在第四季度末实现供需平衡。但本季度我们确实看到需求有所上升。因此，年末我们会略显紧张，但这反而是一种令人鼓舞的信号。
Keith Weiss
Excellent. Thank you guys.
太棒了，谢谢你们。
Jonathan Neilson
Thanks, Keith. Operator, next question, please.
谢谢你，Keith。主持人，请继续下一个问题。
Operator
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，请提问。
Brent Thill
Thanks. Satya, on your comment about accelerating demand for cloud migrations. I'm curious if you could dig in and extrapolate a little more what you're seeing there. Thank you.
谢谢。Satya，你刚才提到云迁移需求正在加速。我很好奇你能否进一步展开讲一下你所看到的趋势？谢谢。
Satya Nadella
Thanks, Brent. So I sort of think about three big things that are happening in the cloud all in parallel, and there's also a relationship between them. One is, I'll just say, the classic migration of whether it's SQL, Windows Server. And so that sort of again got good steady-state progress because the reality is I think everyone is now -- perhaps there's another sort of kick in the data center migrations just because of the efficiency the cloud provides. So that's sort of one part.
谢谢你，Brent。我认为现在云计算领域有三件大事在同时发生，而且它们之间是相互关联的。第一是传统的迁移，比如SQL和Windows Server的迁移。这方面目前的进展还是很稳健的。实际上，我认为大家已经认识到云计算所带来的效率优势，所以数据中心迁移又迎来了一轮推动力。这是第一部分。
The second piece is good data growth. You saw some -- like PostgreS on Azure-- I mean, forgetting in SQL, so Postgre in Azure is growing, Cosmos is growing. The analytics stuff I talked about with Fabric. It's even the others, whether it is Databricks or even Snowflake on Azure are growing. So we feel very good about Fabric growth and our data growth.
第二部分是数据本身的增长非常强劲。你可以看到，比如Azure上的PostgreSQL在增长，Cosmos也在增长。我刚才提到的Fabric上的分析工具也在增长。包括其他的一些合作伙伴，比如Databricks和部署在Azure上的Snowflake，也在增长。所以我们对Fabric的增长以及整个数据平台的增长都感到很满意。
Then the cloud native growth. So this is again before we even get to AI, some of the core compute consumption of cloud-native players is also pretty very healthy. It was healthy throughout the quarter. We projected to go moving forward as well.
第三部分是云原生的增长。在还没谈到AI之前，一些云原生用户在核心计算资源上的消耗也非常健康。这种趋势在整个季度都持续存在，并预计未来仍将继续。
Then the thing to notice is the ratio, and I think we mentioned this multiple times before, if you look underneath even ChatGPT, in fact, that team does a fantastic job of thinking about not only their growth in terms of AI accelerators they need. They use Cosmos DB, they use Postgres, they use core compute and storage.
还有一点值得注意的是比例关系，我们以前也多次提到过这个问题。即使你去看ChatGPT的底层，其实那个团队在规划AI加速器的需求时做得非常出色。他们也在使用Cosmos DB、Postgres、核心计算和存储服务。
And so there's even a ratio between any AI workload in terms of AI accelerator to others. So those are the four pockets, I'd say, or four different trend lines, which all have a relationship with each other.
所以在每一个AI工作负载中，AI加速器的使用和其他资源之间是有一个比例关系的。我会说这四个方向——传统迁移、数据增长、云原生增长以及AI负载的结构——是四条趋势线，它们彼此关联。
数据和处理数据在大幅度的增长。
And if I step back, and Amy and I talk a lot about this, this time around, there's nothing certain for sure in the future, except for one thing, which is our largest business is our infrastructure business. And the good news here is the next big platform shift builds on that.
如果退一步来看，我和Amy常常讨论这个问题。尽管未来充满不确定性，但有一件事是确定的：我们最大的业务是基础设施业务。好消息是，下一个重大的平台转型就是以此为基础的。
So it's not a complete rebuild, having gone through all these platform shifts where you have to come out on the other side with a full rebuild. If there is good news here is that we have a good business in Azure that continues to grow and the new platform depends on that. So we want to stay disciplined and execute super well on that.
所以这不是一次彻底的重建——不像过去一些平台转型那样需要从头再来。这一次的好消息是，我们在Azure上已经有一个良好的业务基础，而且新的平台转型正是建立在这个基础之上。所以我们要保持战略定力，并且在执行上做到极致。
Brent Thill
Thank you.
谢谢。
Jonathan Neilson
Operator, next question please.
主持人，请继续下一个问题。
Operator
The next question comes from the line of Mark Moerdler with Bernstein Research. Please proceed.
下一个问题来自Bernstein Research的Mark Moerdler，请提问。
Mark Moerdler
Thank you very much for taking my question and I will reiterate what my peers have said. Congratulations on the great quarter. Satya and Amy, Microsoft is a very different business than it was during the last recession. Incredible job you've done.
非常感谢你们回答我的问题，我也想重复一下前面几位说的，祝贺你们取得了一个出色的季度。Satya和Amy，微软如今的业务与上一次经济衰退时已经截然不同，你们做得非常棒。
If we get into a recession, I hope we don't, how do you think about the stability, the sustainability, revenue volatility of Microsoft today if we were to get into a recession. Would the business react early to a recession or late, would recession have a more shallow impact on revenue? Any thoughts would be appreciated.
如果我们真的陷入衰退，虽然我希望不会，你们怎么看待微软当前业务的稳定性、持续性以及营收的波动性？如果真的发生衰退，微软的业务是会早期反应还是滞后反应？这次衰退对收入的冲击会不会更小？任何想法都欢迎分享。
Satya Nadella
Maybe I'll start, and then Amy should add, Mark. The way at least I think we will approach it is, quite frankly, be very focused on how we help our customers if there is any turbulence in the macro because one of the things that we feel we can do just because of the efficiencies of the cloud. And the footprint we have and the differentiated sort of layers of the stack from the SaaS application side to the infrastructure side.
我先来回答，然后让Amy补充，Mark。坦率地说，如果真的出现宏观层面的动荡，我们的应对方式将非常专注于如何帮助客户应对。因为我们认为，依靠云带来的效率优势，以及我们从SaaS应用到基础设施层的完整栈能力，我们可以为客户提供真正的价值。
I think if you sort of buy into the argument that software is the most malleable resource we have to fight any type of inflationary pressure or any type of growth pressure where you need to do more with less. I think we can be super helpful in that. And so if anything, we would probably have more of that mindset is how do we make sure we are helping our customers. And then, of course, we'll look to share gains.
我认为，如果你认同这样的观点：软件是我们应对各种通胀压力或增长压力时最具弹性的资源——当你必须“以更少做更多”时，软件就是最佳工具——那么我们在这方面可以发挥巨大作用。因此，我们的心态更多的是：如何确保我们真正帮助客户。同时，我们也会寻求市场份额的提升。
Jonathan Neilson
Thanks, Mark. Operator, next question please.
谢谢你，Mark。主持人，请继续下一个问题。
Operator
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，请提问。
Karl Keirstead
Okay. Thanks. A number of metrics to applaud, but I think the one that stands out to me is the 16-point growth rate lift to Azure from AI. Satya and Amy, I just wanted to ask if you could unpack that a little bit. Of course, you mentioned that you got a bit of a kicker from capacity coming online, but I'm a little bit more interested in where the demand came in above expectations, like what workload type. It's hard for us to see that on the outside. Was it a surge in ChatGPT inference that landed in Azure? Was it an uptick in enterprise AI adoption? And Amy, do you think that 16 points could be higher in June? Thank you.
好的，谢谢。本季度有很多数据都值得称赞，但最让我关注的是Azure因为AI带来了16个百分点的增长。Satya和Amy，我想请你们详细解释一下。你们提到有一部分增长是来自于新增产能上线，但我更好奇的是哪些具体工作负载带来的需求超出预期。我们从外部很难判断——这是不是ChatGPT推理负载的激增？还是企业级AI采用率上升？还有，Amy，你认为6月份这个16个百分点的增幅还可能更高吗？谢谢。
Amy Hood
Thanks, Karl, for the question. Just to provide some clarity because I think your question implies something that we didn't mean to imply on the call. First, the real outperformance in Azure this quarter was in our non-AI business. So then to talk about the AI business, really, what was better was precisely what we said. We talked about this. We knew Q3 that we had and hadn't really match supply and demand pretty carefully and didn't expect to do much better than we had guided to on the AI side. We've been quite consistent on that.
谢谢你的问题，Karl。我想澄清一下，因为你的问题中可能隐含了我们在电话中并未表达的意思。首先，Azure本季度真正的超预期表现，其实是在非AI业务部分。至于AI业务，我们本身就如实传达了我们所看到的情况。我们早在第三季度就说过，我们的供需匹配非常紧凑，并不指望AI部分能比预期好太多，这一点我们一直说得很一致。
So the only real upside we saw on the AI side of the business was that we were able to deliver supply early to a number of customers. And being able to do that throughout the quarter creates quite a good benefit to us. But the majority of our outperformance versus where we had expected to be was on the non-AI piece of the business.
所以在AI业务这边，我们唯一真正的超预期表现是我们提前为一些客户交付了资源。能够在整个季度做到这一点，确实带来了一些好处。但我们整体超出预期的表现，主要还是来自非AI业务部分。
Jonathan Neilson
Thanks, Karl. Operator, next question please.
谢谢你，Karl。主持人，请继续下一个问题。
Operator
The next line comes from Kash Rangan with Goldman Sachs. Please proceed.
下一个问题来自高盛的Kash Rangan，请提问。
Kash Rangan
Hi. Thank you very much. One question for Amy. You've said in the past that that you can attain better and better capital efficiency with the cloud business and probably cloud and AI business. Where do you stand today, Amy and maybe Satya you can opine as well, that you've said before that you can slow down your CapEx growth rate while still accelerate Azure, which includes AI. Can we get a mark-to-market on that? Thank you so much.
你好，非常感谢。有一个问题想问Amy。你以前曾说过，微软在云业务，可能也包括AI业务方面，可以实现越来越高的资本效率。现在你怎么看这个问题？Satya你也可以补充一下。你们之前提到过，即使放缓资本支出增速，也能继续加速包括AI在内的Azure业务发展。你们现在对这个观点怎么看？谢谢你们。
Amy Hood
Maybe I'll start, Kash, and let Satya add on, because I really think when you go back and read some of Satya's comments, on how the S-curves build on themselves, that's actually the levers that go into the answer of the question that you're asking. And so the way, of course, you've seen that historically is right when we went through the prior cloud transitions, you see CapEx accelerate, you build out data center footprint. You slowly filled CPU capacity. And over time, you see software efficiencies and hardware efficiencies build on themselves. And you saw that process for us for goodness now quite a long time.
我先来回答一下，Kash，然后让Satya补充。你如果回顾一下Satya以前关于S型曲线积累的评论，其实里面就包含了你这个问题的答案所在。在过去的云计算转型过程中，我们确实一开始资本支出大幅增加，扩建了数据中心的规模，然后慢慢填满了CPU容量。随着时间推移，软件效率和硬件效率不断累积提高。这个过程我们已经经历了很长一段时间。
And what Satya's talking about is how quickly that's happening on the AI side of the business and you add to that that model diversity. So think about the same levers plus model efficiency, those compounds.
而Satya现在讲的是，这种效率积累在AI业务中发生得更快，加上模型的多样性——你可以把它看作同样的增长杠杆，加上模型效率，带来了复合效应。
Now the one thing that's a little different this time is just the pace. And so when you're seeing happen pace in terms of efficiency side, but also pace in terms of the build-out. So it can mask some of the progress. But we are working hard across all of the teams, hardware, software, even the build teams to get things in place as quickly as possible, dock to live times, all of that is improving and all of that actually is benefiting us.
这一次有些不同的是节奏的问题。我们在效率方面提升的节奏很快，同时建设速度也很快，这可能会让一些进展被掩盖。但我们正在整个团队层面努力推进——包括硬件、软件和建设团队——尽可能快地完成部署，从“交货到上线”的时间在持续缩短，这一切都带来了实实在在的效益。
And I'll go ahead and say our margins on the AI side of the business are better than they were at this point by far than when we went through the same transition and the server to cloud transition.
我可以直接说，目前我们在AI业务上的利润率，远远好于我们当年从服务器转型到云服务时的同期水平。
AI的应用速度远快于上一代技术的应用速度。
Satya Nadella
Yes. I mean I think at a macro level, I think the way to think about this is you can ask the question, what's the difference between a hosting business and a hyperscale business. It's software. That's, I think, the gist of it. We asked for sure, it's a capital-intensive business, but capital efficiency comes from that system-wide software optimization. And that's what makes the hyperscale business attractive and that's what we want to just keep executing super well on.
是的。我从宏观角度来看，你可以问一个问题：托管业务和超大规模云业务的区别是什么？答案是软件。这是关键。没错，这是一个资本密集型行业，但资本效率的提升来自于系统层面的软件优化。这也是超大规模云业务具备吸引力的根本所在，我们要做的就是持续、出色地执行好这一点。
Kash Rangan
Super. Thank you so much.
太棒了，非常感谢你们。
Jonathan Neilson
Operator, next question please.
主持人，请继续下一个问题。
Operator
The next question comes from the line of Mark Murphy with JPMorgan. Please proceed.
下一个问题来自摩根大通的Mark Murphy，请提问。
Mark Murphy
Thank you so much. Satya, you had commented recently that the DeepSeek moment is a real thing. And you had said that that software efficiencies mean the fleet will be aged for a longer time. Can you comment on how those advances are affecting the pace and volume of AI experimentation and activity in the marketplace?
非常感谢。Satya，你最近提到“DeepSeek时刻”是真实存在的，并指出软件效率的提升意味着整个平台的使用寿命会延长。你能否谈谈这些进展对当前市场上AI实验和相关活动的速度和规模产生了哪些影响？
And Amy, could we start to consider the possibility that software enhancements might extend the useful life assumption that you're using for GPUs? Is it a little premature to be thinking that way?
Amy，我也想问你一个问题：我们是否可以开始考虑，软件优化可能会延长GPU的使用寿命这一假设？现在这样想会不会还为时过早？
Satya Nadella
Yes. First of all, I think some of the work that actually OpenAI first pioneered indeed with all other reasoning models. And of course, DeepSeek has sort of added to it and done good work as well and others as well.
是的。首先，我认为OpenAI在推理模型方面的工作确实是开创性的，后来像DeepSeek也加入其中，并且也做出了不错的贡献，还有其他一些团队也是如此。
You know, the idea that you can have test time compute plus pre-training and then some of the great optimization at inference time that has all happened has proven up. I mean if you look at I would say, for every Moore's Law change and movement there's probably a 10x improvement because of software, right? That's sort of what's happening with these models.
现在的模型训练思路是“测试时计算 + 预训练”，再加上推理阶段的各种优化，这些都已经得到了验证。举个例子，按照摩尔定律的演进，每次硬件进步都伴随着10倍的软件优化提升，这正是这些AI模型发展的现状。
Some of it comes from model architecture, some of that comes from data efficiency, compute efficiency and what have you. So that's what we are writing. And we feel that all up, when you have a commodity that is getting that better, then the question is how do you build out a fleet that's super balanced. So that then the workloads can be built and can, in fact, take advantage of that efficiency and the underlying infrastructure.
有些效率来自于模型架构的改进，有些来自数据效率、计算效率的提升等等。这是我们当前所乘之风。在这种背景下，我们需要考虑的是如何构建一支高度平衡的算力集群，使工作负载能够充分利用这些效率红利以及底层基础设施的能力。
I mean it's kind of like virtualization. What is the difference between servers and, sort of, again, client server with virtualization, it was efficiency. What is the difference between virtualization and cloud, it was efficiency. What is the difference between this generation of cloud and AI, it's efficiency. So the more you can, kind of, continue to think about software driving that efficiency is what drives demand ultimately.
这就像虚拟化的发展一样。服务器与客户机-服务器架构之间的区别是效率；虚拟化和云之间的区别也是效率；而如今这代云和AI之间的核心差异，依然是效率。因此，推动效率的本质还是软件，而这种效率正是最终推动需求的动力。
Amy Hood
And to your specific question, in terms of thinking about the depreciable life of an asset, we like to have a long history before we make any of those -- changes [ph]. So we're focused on getting every bit of useful life we can, of course, out of assets. But to Satya's point, that tends to be a software question more than a hardware one.
关于你具体提出的资产折旧寿命问题，我们通常希望有较长时间的数据积累后，才会去调整这类估算。我们当然会努力最大限度地发挥资产的使用价值。但正如Satya所说，这其实更多是一个由软件决定的问题，而非单纯的硬件问题。
Mark Murphy
Thank you.
谢谢。
Jonathan Neilson
Thanks, Mark. Operator, next question, please.
谢谢你，Mark。主持人，请继续下一个问题。
Operator
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，请提问。
Kirk Materne
Yes. Thanks very much and congrats on a great quarter. Amy, you mentioned that the upside on Azure came from the non-AI services this time around. I was wondering if you could just talk a little bit more about that.
好的，非常感谢，也祝贺你们取得了一个优秀的季度成绩。Amy，你提到Azure本季度的超预期增长主要来自非AI服务部分。你能不能多讲一点这方面的内容？
And I guess as you look forward, maybe what's different this go around versus what we saw a few years ago when obviously, things like optimization weighed on the growth a little bit. It sounds like the product portfolio is much broader right now, but just wondering if you could add some color on that front. Thank you.
我也想问一下，展望未来，你认为这一次的情形与几年前相比有哪些不同？那时优化行为曾一定程度上抑制了增长。听起来你们现在的产品组合更加丰富了，你能否在这方面再多解释一下？谢谢。
Amy Hood
Sure. And thanks for the question, Kirk. It's -- we go to non-AI. I talked a little bit about this. In general, we saw better-than-expected performance across our segments, but we saw acceleration in our largest customers. We call that the enterprise segment in general.
当然，谢谢你的提问，Kirk。关于非AI部分，我之前提到过一点。整体来看，我们各个业务部门的表现都超出预期，尤其是在我们的最大客户群体——也就是企业客户群体中，增长出现了加速。
And then in what we talked about of our scale motions, where we had some challenges in Q2, things were a little better. And we still have some work to do in our scale motions, and we're encouraged by our progress. We're excited to stay focused on that as of course, we work through the final quarter of our fiscal year.
至于我们所说的“规模化销售动作”，在第二季度我们确实遇到了一些挑战，但这次情况有所改善。当然，这部分我们还有工作要做，但整体进展令人鼓舞。我们会继续聚焦这方面，尤其是在财年的最后一个季度中。
By geo, the performance was pretty consistent, Satya actually highlighted some of the workloads that came in a little better than we thought. Obviously, just some good consistent work on migrations, good execution by the sales and partner teams, the data workloads he went through.
从地区角度看，表现整体一致。Satya其实也特别提到了一些工作负载的表现好于预期。这主要得益于迁移工作的持续推进、销售和合作伙伴团队的出色执行力，还有他提到的数据型工作负载的稳健表现。
And so in general, Kirk, I wouldn't say it's anything beyond that. I do think it was improved execution. And I was happy to see it, but there's still some work to do on our scale motions, in particular.
所以整体而言，Kirk，我认为没有什么特别复杂的因素，更像是执行力的提升在起作用。我对此感到满意，但也承认在“规模化销售动作”方面我们还有提升空间。
Kirk Materne
Thank you.
谢谢。
Jonathan Neilson
Thanks, Kirk. Operator, we have time for one last question.
谢谢你，Kirk。主持人，我们还有时间回答最后一个问题。
Operator
The last question will come from the line of Alex Zukin with Wolfe Research. Please proceed.
最后一个问题来自Wolfe Research的Alex Zukin，请提问。
Alex Zukin
Hey, guys. Thanks for squeezing me in. Again, just amazing congratulations on those Azure numbers, which I think are quite honestly, just inspiring. So maybe, Amy, to the point that you're making that the surprise factor was on the non-Azure, non-AI side of the house, and it sounds like there's confidence in that continuing beyond.
大家好，谢谢你们让我赶上了提问机会。再次祝贺你们，Azure的数据真是令人振奋，毫不夸张地说，非常鼓舞人心。Amy，你刚才提到这次的惊喜其实来自于Azure以外、AI以外的部分，而且你们对这种趋势延续下去也有信心。
How much of that are you starting to see the pull in of the non-AI driven by the AI portion of Azure. And on the AI portion specifically, as test time compute really just blows out kind of prior conceptions of scaling law challenges, how much does that change potentially the curve of the AI Azure growth as you go forward here over the next few quarters?
你们是否开始观察到AI部分在拉动非AI部分的增长？具体到AI方面，随着“测试时计算”的激增打破了之前关于扩展法则的认知障碍，这对Azure AI的增长曲线在接下来几个季度会带来多大变化？
Amy Hood
Thanks, Alex. Let me first of all say, I think we've talked about this quite a bit, it's always a good chance to get to iterate this. It's getting harder and harder to separate what an AI workload is from a non-AI workload. And we've talked about it this way.
谢谢你，Alex。首先我想说，我们确实多次谈到这个问题，但每次都值得再强调一下。现在已经越来越难以区分AI工作负载和非AI工作负载了。我们一直是这样看待的。
I think in most instances, to make sure people understood that when we were accelerating all of our CapEx spend over the past two and a half or three years now, that people had confidence that we were turning that into revenue and product in a way that was transparent and that everyone could understand really the goals that we have set for ourselves and for our partners and customers in terms of building product that turned to revenue.
我认为，在大多数情况下，我们强调这一点是为了让外界明白，在过去两年半到三年中，我们加快了资本支出，大家能够清楚地看到我们是如何将这些投入转化为产品和收入的，这是一个透明可见的过程。我们希望外界能理解我们为自己、合作伙伴和客户设定的目标——也就是把这些投入变成收入。
But if you take a step back from that, it's that these workloads are being built, GPU, CPU, storage, network, all the same things. And so I think really what we're talking about is really how Satya talked about in one of the earlier questions. we're seeing digital natives, digital natives, fill workloads, they do AI work, they do not AI work. Do they tend to do that work in the same cloud? Lots of times.
但如果从更高层面来看，这些工作负载在底层使用的依然是GPU、CPU、存储和网络等相同资源。因此，我们真正谈论的，其实正如Satya之前提到的那样，很多“数字原生”客户，他们既做AI任务，也做非AI任务。而这些任务往往运行在同一个云平台上。
Sometimes it all in the same place, not all the time, but that relationship gets stronger and stronger as people pivot to more of AI heavy workloads. And so I think you're starting to see some of that relationship I think we'll continue to see that as AI workloads continue to get built and experimented with and proof-of-concepts get expanded.
有时候这些任务都在同一个地方运行，虽然不是总是如此，但随着大家越来越多地转向以AI为主的工作负载，这种联系会变得越来越紧密。我认为你现在已经开始看到这种趋势，而且随着AI工作负载的持续构建、试验和原型扩展，这种趋势还会继续加深。
And so I think I mostly focus on the fact that together, we saw good performance in Q3 on Azure. As you're inclusive of both components, in terms of our execution, in terms of the skilled and partner teams and backlog and conversion and interesting workloads and adding customer value and solving real problems and adding real value and I think that's probably out how I would approach that number more than trying to separate it in the way that even we have talked about it, but for very different reasons.
因此我更多关注的，是Azure在第三季度的整体表现很好——不管是AI还是非AI部分。我们的执行力、技术和合作伙伴团队的能力、积压订单的转化、多样化的工作负载、对客户价值的创造、实际问题的解决和实质性价值的输出，这些方面表现都很强。我会用这样的方式来看待Azure的整体表现，而不是试图像我们曾经为了说明而做的那样去人为拆分AI和非AI业务。
Satya Nadella
Thanks, Alex.
谢谢你，Alex。
Jonathan Neilson
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 you all soon.
谢谢你，Alex。本次财报电话会议的问答环节就到这里。感谢大家的参与，我们期待不久后再次与大家交流。
Satya Nadella
Thank you.
谢谢。
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。您现在可以断开连接，祝您今天过得愉快。
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