微軟公司: FY25Q1收入Capex略超預期，Q2指引略低於預期

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Microsoft Corp  (MSFT US) FY25Q1收入Capex略超預期，Q2指引略低於預期 Higher-than-expected revenue and capex in FY25Q1E; FYQ2E guidance a tad more subdued than anticipated BUY (maintain) 投資要點/Investment Thesis 投資要點/Investment Thesis 事件： MSFT公佈FY2025Q1財報，其中收入爲656億美元，同比+16.0%（超彭博一致預期1.7%）；毛利率爲69.4%，同比-1.8pcts（略超彭博一致預期0.5%）；調整後營業利潤率爲46.7%，同比-0.9pcts（超彭博一致預期2.7%）；EPS爲3.30美元，同比+10.4%（超彭博一致預期6.2%）。 內容 FY25Q1E revenue beat expectations and rose 16% yoy; EPS up 10% yoy Microsoft released unaudited FY25Q1E (June to September 2024) results on 30 Oct: •Revenue came to USD65.6bn, up 16.0% yoy (1.7% better than the Bloomberg consensus forecast (BBG));  •Gross margin narrowed 1.8ppt yoy to 69.4% (0.5ppt better than BBG);  •Adjusted operating margin narrowed 0.9ppt yoy to 46.7% (2.7ppt above B ………………………………