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Microsoft Q2 2024
Q2 jaar-over-jaar aan constante wisselkoersen: Omzet +16% naar $62 mia. Operationele winst +23%, marge 44%. EPS steeg 23% naar $2,93
Intelligent cloud: +19%. Azure +28% (6 procentpunten uit AI gedreven services). In het commerciële segment was er sterke vraag naar Microsoft’s cloud-aanbiedingen, waaronder AI-services, wat leidde tot beter dan verwachte groei en grote langlopende Azure-contracten (+17%). (side note: opnieuw sterkere groei dan Google Cloud, MSFT blijft marktaandeel pakken)
Productivity and Business processes: +12%. (beter dan verwacht, vooral door LinkedIn) Office commercial licensing daalde met 18% door verschuiving van klanten naar cloud-aanbiedingen.
More personal computing: +18%. In het consumentensegment waren de PC- en advertentiemarkten over het algemeen in lijn met onze verwachtingen. PC-marktvolumes bleven stabiel op het niveau van vóór de pandemie, terwijl de markt voor gameconsoles iets kleiner was.
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Op groepsniveau was het aantal werknemers aan het eind van december 2% lager dan een jaar geleden. De operationele marge stegen met ongeveer 5 procentpunten ten opzichte van vorig jaar tot 44%.
Capital expenditures bedroegen $11,5 mia, lager dan verwacht. Voornamelijk om cloudvraag te ondersteunen en AI-infrastructuur op te schalen.
Outlook Q3:
Productivity and Business: omzetgroei tussen 10% en 12%.
Intelligent cloud: omzetgroei 18 %en 19% (Azure stabiel ten opzichte van sterker dan verwachte groei in Q2) De vraag naar onze Microsoft Cloud blijft de groei in onze vooruitzichten voor tweede jaarhelft stimuleren.
Personal computing: omzetgroei tussen 11% en 14%.
Voor het volledige jaar FY 2024 verwachten management dat Activision positief zal bijdragen aan de operationele winst.
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Fors hogere capex verwacht in 2024 (door grote vraag cloud en AI)
Operationele marges voor gehele jaar 2024 worden verwacht met 1 tot 2 procentpunten te stijgen, zelfs na stijging COGS omwille van AI investeringen.
Q&A
Enkele interessante zaken uit vragenronde in de call:
Analist: Good afternoon. Amy, the margin improvement is pretty shocking to most considering the investments that you and Satya are putting into AI. I’m curious if you could just walk through, how this is possible and what you’re seeing so far in some of the costs that you’re trying to manage as you scale up AI?
Amy Hood: Thanks, Brent. First of all, thanks for the question. The teams are obviously been hard at work on this topic. We do point out that, Q2 because of the impact of the charge a year ago, you’re seeing larger margin improvement than I would say, sort of a run-rate margin improvement. So, let me first say that. Secondly, the absolute margin improvement has also been very good and it speaks to, I think one of the things Satya talked about and I reiterated a bit, which is that, we want really to make sure we’re making investments, we’re making them in consistency across the tech stack. The tech stack we’re building, no matter what team is on, is inclusive of AI enablement.
And so think about as building that consistency without needing to add a lot of resources to do that. It’s been a real pivot of our entire investment infrastructure to be working on this work. And I think that’s important, because it means you’re shifting to an AI-first position, not just in the language we use, but in what people are working on day-to-day. That does obviously create a leverage opportunity. There has also been really good work put in by many teams on improving the gross margin of the products; we talked about it with Office 365, we talked about in Azure core. We even talked about it across our devices portfolio, where we’ve seen material improvements over the course of the year.
And so, when you kind of take improvements at the gross margin level, plus this consistency of re-pivoting our workforce toward the AI-first work we’re doing, without adding material number of people to the workforce, you end up with that type of leverage. And we still need to be investing. And so, the important part, invest towards the thing that’s going to shape the next decade and continue to stay focused on being able to deliver your day-to-day commitments. And so it’s a great question. And hopefully, that helps piece apart a few of the components.
Analist: Thank you. I wanted to return to AI, the six point AI lift to Azure is just extraordinary. But I wanted to ask you about your progress in standing up the infrastructure to meet that demand. If you feel like Microsoft is supply GPU-constrained. Is the success you’ve had maybe working through some of the scaling bottlenecks that some of the other cloud infrastructure providers have talked about, a little bit maybe on the infrastructure scaling front might be interesting. Thank you.
Amy Hood: Thanks, Karl. Maybe I’ll start and Satya feel free to add on. I think we feel really good about where we have been in terms of adding capacity. You started to see the acceleration in our capital expense starting almost a year ago, and you’ve seen us scale through that process. And that is going toward as we talked about Servers and also new data center footprints to be able to meet what we see as this demand and really changing demand as we look forward.
And so, I do feel like the team has done a very good job. I feel like, primarily obviously, this is being built by us, but we’ve also used third-party capacity to help when we could have that help us in terms of meeting customer demand. And I think looking forward, you’ll tend to C&I guide toward it, accelerated capital expense to continue to be able to add capacity in the coming quarters, given what we see in terms of pipeline.
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3 Replies
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Het is een beest van een bedrijf. De cloud tak blijft aan een enorme snelheid groeien, en daar komt nu nog de Ai acceleratie blij. Bedankt voor de info!
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Bedankt Luc!
Benieuwd naar de resultaten van Amazon morgen. Heeft Azure marktaandeel ingenomen van AWS of groeit de cloudmarkt in z’n geheel zo snel?
Ik heb Microsoft nooit in portefeuille willen nemen omdat ik er via een World ETF, mijn pensioenfonds en nog 2 andere bankfondsen (die ik van oudsher heb) al voldoende in zit. Gelukkig maar.
Maar het is een machtig bedrijf. Bij een koersval toch nog eens van naderbij bekijken.
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Worden nog steeds verwacht met 15% per jaar te groeien de komende jaren. Ongelooflijk eigenlijk bij die omvang. In de cloud, dat op zichzelf al mooi groeit, hebben ze in ieder geval al marktaandeel van Google gepakt, terwijl die laatste al minder had. We zullen snel weten wat AWS doet.
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