微軟最近發布了季度收益報告,其中討論了強勁的財務表現。該公司的營收主要由微軟雲端和各產業人工智慧驅動轉型的成長所推動。他們強調了遊戲的成功發布以及商業和消費業務的持續創新。此外,微軟也談到了他們在人工智慧方面的戰略投資和長期機會。
在電話會議上,微軟解決了投資未來模型和永續建設資料中心的限制。他們對未來供需匹配充滿信心,預計下半年供需匹配會更好、加速。微軟也討論了他們與 OpenAI 的合作夥伴關係,強調了他們的協作和創新。該公司在人工智慧推理階段經歷了強勁成長,專注於人工智慧產品化和提高人工智慧能力。
微軟提到了其商業 Copilot 套件的勢頭以及消費者業務的成長,特別是在搜尋、新聞和廣告方面。他們的策略是一次投資,讓多個品類受益,從而帶來整體的正面進展和市場定位。總體而言,微軟的收益報告展示了他們在各個業務領域的持續成功以及他們對創新和成長的承諾。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Greetings, and welcome to the Microsoft fiscal year 2025 first-quarter earnings conference call. (Operator Instructions)
您好,歡迎參加微軟 2025 財年第一季財報電話會議。 (操作員說明)
Brett Iversen, Vice President of Investor Relations. Please go ahead.
艾佛森 (Brett Iversen),投資人關係副總裁。請繼續。
Brett Iversen - Vice President, Investor Relations
Brett Iversen - Vice President, Investor Relations
Good afternoon and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Corporate Secretary and Deputy General Counsel.
下午好,感謝您今天加入我們。與我通話的有董事長兼執行長薩蒂亞‧納德拉 (Satya Nadella);艾米‧胡德,財務長;艾莉絲‧喬拉,首席會計官;以及公司秘書兼副總法律顧問 Keith Dolliver。
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. We have recast certain prior-period amounts to reflect the FY25 changes to the composition of our segments announced in August 2024.
您可以找到我們的收益新聞稿和財務摘要幻燈片,其旨在補充我們在今天的電話會議中準備好的言論,並提供公認會計原則和非公認會計原則財務指標之間差異的調節。我們重新調整了某些前期金額,以反映 2024 年 8 月宣布的 2025 財政年度部門組成變化。
Additional details, including FY23 and FY24 recast segment revenue, operating income, and product and service-level revenue can be found in the financial statements filed on the Investor Relations website. More detailed outlook slides will also be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.
其他詳細信息,包括 2023 財年和 2024 財年重鑄部門收入、營業收入以及產品和服務水平收入,請參閱投資者關係網站上提交的財務報表。當我們對今天的電話會議提供展望評論時,也將在微軟投資者關係網站上提供更詳細的展望幻燈片。
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. They are included as additional clarifying items to aid investors in further understanding the company's first-quarter performance in addition to the impact these items and events have on the financial results. All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted.
在這次電話會議上,我們將討論某些非公認會計準則項目。所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務績效指標。它們被作為額外的澄清項目包括在內,以幫助投資者進一步了解公司第一季的業績以及這些項目和事件對財務業績的影響。除非另有說明,我們今天在電話會議上進行的所有成長比較都與去年同期有關。
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.
我們也將提供固定匯率的成長率,作為評估我們的基礎業務表現的框架,排除外幣匯率波動的影響。如果以固定匯率計算的成長率相同,我們將只參考成長率。我們將在通話後立即將準備好的評論發佈到我們的網站上,直到獲得完整的文字記錄。
Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript, and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.
今天的電話會議正在進行網路直播並進行錄音。如果您提出問題,它將包含在我們的即時傳輸、文字記錄以及未來錄音的任何使用中。您可以重播通話並在 Microsoft 投資者關係網站上查看文字記錄。
During this call, we'll be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the Risk Factors section of our Form 10-K, Forms 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
在這次電話會議中,我們將做出前瞻性陳述,即對未來事件的預測、預測或其他陳述。這些陳述基於當前的預期和假設,存在風險和不確定性。由於今天的收益新聞稿中討論的因素、本次電話會議期間發表的評論以及我們的表格10-K、表格10-Q 以及其他報告和向證券公司提交的文件中的風險因素部分,實際結果可能存在重大差異和交易委員會。我們不承擔更新任何前瞻性聲明的責任。
And with that, I'll turn the call over to Satya.
然後,我會將電話轉給 Satya。
Satya Nadella - Chairman of the Board, Chief Executive Officer
Satya Nadella - Chairman of the Board, Chief Executive Officer
Thank you, Brett. We are off to a solid start to our fiscal year, driven by continued strength of Microsoft Cloud, which surpassed $38.9 billion in revenue, up 22%. AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process, helping customers drive new growth and operating leverage. All up, our AI business is on track to surpass an annual revenue run rate of $10 billion next quarter, which will make it the fastest business in our history to reach this milestone.
謝謝你,布雷特。在微軟雲端持續強勁的推動下,我們的財年有了一個良好的開端,其營收超過 389 億美元,成長了 22%。人工智慧驅動的轉型正在改變每個角色、職能和業務流程的工作、工作工件和工作流程,幫助客戶推動新的成長和營運槓桿。總而言之,我們的人工智慧業務預計將在下個季度超過 100 億美元的年收入運行率,這將使其成為我們歷史上最快達到這一里程碑的業務。
Now I'll highlight examples of our progress starting with infrastructure. Azure took share this quarter. We are seeing continued growth in cloud migration. Azure Arc now has over 39,000 customers across every industry, including American Tower, CTT, L'Oréal, up more than 80% year over year.
現在我將重點介紹我們從基礎設施開始取得進展的範例。 Azure 本季佔據了份額。我們看到雲端遷移的持續成長。 Azure Arc 目前在各行業擁有超過 39,000 家客戶,包括美國塔、CTT、歐萊雅,較去年同期成長超過 80%。
We now have data centers in over 60 regions around the world. And this quarter, we announced new cloud and AI infrastructure investments in Brazil, Italy, Mexico, and Sweden as we expand our capacity in line with our long-term demand signals.
我們現在在全球 60 多個地區擁有資料中心。本季度,我們宣佈在巴西、義大利、墨西哥和瑞典進行新的雲端和人工智慧基礎設施投資,根據我們的長期需求訊號擴大產能。
At the Silicon layer, our new Cobalt 100 VMs are being used by companies like Databricks, Elastic, Siemens, Snowflake and Synopsys to power their general-purpose workloads at up to 50% better price performance than previous generations. On top of this, we are building out our next-generation AI infrastructure, innovating across the full stack to optimize our fleet for AI workloads.
在矽層,Databricks、Elastic、Siemens、Snowflake 和 Synopsys 等公司正在使用我們的新型 Cobalt 100 虛擬機來為其通用工作負載提供支持,其性價比比前幾代產品高出 50%。除此之外,我們正在建立下一代人工智慧基礎設施,在整個堆疊中進行創新,以針對人工智慧工作負載優化我們的機群。
We offer the broadest selection of AI accelerators, including our first-party accelerator, Maia 100 as well as the latest GPUs from AMD and NVIDIA. In fact, we are the first cloud to bring up NVIDIA's Blackwell system with GB200-powered AI servers. Our partnership with OpenAI also continues to deliver results.
我們提供最廣泛的 AI 加速器選擇,包括我們的第一方加速器 Maia 100 以及 AMD 和 NVIDIA 的最新 GPU。事實上,我們是第一個使用 NVIDIA Blackwell 系統和 GB200 驅動的 AI 伺服器的雲端。我們與 OpenAI 的合作也持續取得成果。
We have an economic interest in a company that has grown significantly in value, and we have built differentiated IP and are driving revenue momentum. More broadly with Azure AI, we are building an end-to-end app platform to help customers build their own copilots and agents. Azure OpenAI usage more than doubled over the past six months as both digital natives like Grammarly and Harvey as well as established enterprises like Bajaj Finance, Hitachi, KT, and LG move apps from test to production.
我們對一家價值大幅成長的公司擁有經濟利益,我們已經建立了差異化的智慧財產權並正在推動收入成長。更廣泛地說,我們正在透過 Azure AI 建立一個端到端應用程式平台,以幫助客戶建立自己的副駕駛和代理。隨著 Grammarly 和 Harvey 等數位原生代以及 Bajaj Finance、Hitachi、KT 和 LG 等老牌企業將應用程式從測試轉向生產,Azure OpenAI 的使用量在過去六個月中增加了一倍多。
GE Aerospace, for example, used Azure OpenAI to build a new digital assistant for all 52,000 of its employees. In just three months, it has been used to conduct over 500,000 internal queries and process more than 200,000 documents. And this quarter, we added support for OpenAI's newest model family, o1.
例如,GE 航空航太公司使用 Azure OpenAI 為其所有 52,000 名員工建置了新的數位助理。在短短三個月內,它已用於進行超過 50 萬次內部查詢並處理超過 20 萬份文件。本季度,我們增加了對 OpenAI 最新模型系列 o1 的支援。
We're also bringing industry-specific models through Azure AI, including a collection of best-in-class multimodal models for medical imaging. And with the GitHub models, we now provide access to our full model catalog directly within the GitHub developer workflow.
我們也透過 Azure AI 引入行業特定模型,包括一系列用於醫學成像的一流多模態模型。透過 GitHub 模型,我們現在可以直接在 GitHub 開發人員工作流程中存取完整的模型目錄。
Azure AI is also increasingly an on-ramp to our data and analytics services. As developers build new AI apps on Azure, we have seen an acceleration of Azure Cosmos DB and Azure SQL DB hyperscale usage as customers like Air India, Novo Nordisk, Telefonica, Toyota Motor North America, and Uniper take advantage of capabilities purpose built for AI applications. And with Microsoft Fabric, we provide a single AI-powered platform to help customers like Chanel, EY, KPMG, Swissair, and Syndigo unify their data across clouds.
Azure AI 也日益成為我們資料和分析服務的入口。隨著開發人員在Azure 上建立新的AI 應用程序,我們看到Azure Cosmos DB 和Azure SQL DB 超大規模使用的加速,因為印度航空、諾和諾德、西班牙電信、豐田汽車北美公司和Uniper 等客戶都利用了專為AI 構建的功能應用程式。透過 Microsoft Fabric,我們提供了一個由 AI 驅動的平台,幫助 Chanel、EY、KPMG、Swissair 和 Syndigo 等客戶跨雲端統一資料。
We now have over 16,000 paid Fabric customers, over 70% of the Fortune 500. Now on to developers. GitHub Copilot is changing the way the world builds software. Copilot enterprise customers increased 55% quarter-over-quarter as companies like AMD and Flutter Entertainment tailor Copilot to their own code base.
我們現在擁有超過 16,000 名付費 Fabric 客戶,其中超過 70% 的財富 500 強企業。 GitHub Copilot 正在改變世界建構軟體的方式。隨著 AMD 和 Flutter Entertainment 等公司根據自己的程式碼庫客製化 Copilot,Copilot 企業客戶季增了 55%。
And we are introducing the next phase of AI code generation, making GitHub Copilot agentic across the developer workflow. GitHub Copilot Workspace is a developer environment, which leverages agents from start to finish so developers can go from spec to plan to code all in natural language. Copilot Autofix is an AI agent that helps developers at companies like Asurion and Auto Group fix vulnerabilities in their code over three times faster than it would take them on their own.
我們正在引入人工智慧程式碼產生的下一階段,使 GitHub Copilot 在整個開發人員工作流程中具有代理性。 GitHub Copilot Workspace 是一個開發人員環境,它從頭到尾都利用代理,因此開發人員可以從規範到計劃,然後全部用自然語言進行編碼。 Copilot Autofix 是一款人工智慧代理,可幫助 Asurion 和 Auto Group 等公司的開發人員修復程式碼中的漏洞,速度比自行修復的速度快三倍多。
We're also continuing to build on GitHub's open platform ethos by making more models available via GitHub Copilot. And we are expanding the reach of GitHub to a new segment of developers introducing GitHub Spark, which enables anyone to build apps in natural language.
我們也透過 GitHub Copilot 提供更多模型,繼續以 GitHub 的開放平台精神為基礎。我們正在將 GitHub 的覆蓋範圍擴大到新的開發者群體,引入 GitHub Spark,它使任何人都可以用自然語言建立應用程式。
Already, we have brought generative AI to Power Platform to help customers use low-code, no-code tools to cut costs and development time. To date, nearly 600,000 organizations have used AI-powered capabilities in Power Platform, up 4x year over year.
我們已經將生成式 AI 引入 Power Platform,幫助客戶使用低程式碼、無程式碼工具來削減成本和開發時間。迄今為止,近 60 萬個組織已使用 Power Platform 中的 AI 驅動功能,較去年同期成長 4 倍。
Citizen developers at ZF, for example, built apps simply by describing what they need using natural language. And this quarter, we introduced new ways for customers to apply AI to streamline complex workflows with Power Automate. Now on to work.
例如,採埃孚的公民開發人員只需使用自然語言來描述他們的需求即可建立應用程式。本季度,我們為客戶推出了應用 AI 的新方法,透過 Power Automate 簡化複雜的工作流程。現在開始工作。
We launched the next wave of Microsoft 365 Copilot innovation last month, bringing together web, work, and Pages as the new design system for knowledge work. Pages is the first new digital artifact for the AI age, and it's designed to help you ideate with AI and collaborate with other people.
上個月,我們推出了下一波 Microsoft 365 Copilot 創新,將 Web、工作和頁面結合在一起,作為知識工作的新設計系統。 Pages 是 AI 時代的第一個新數位工件,旨在幫助您利用 AI 進行構思並與其他人合作。
We've also made Microsoft 365 Copilot responses 2x faster and improved response quality by nearly 3x. This innovation is driving accelerated usage, and the number of people using Microsoft 365 daily more than doubled quarter over quarter. We are also seeing increased adoption from customers in every industry as they use Microsoft 365 Copilot to drive real business value.
我們還將 Microsoft 365 Copilot 的回應速度提高了 2 倍,並將回應品質提高了近 3 倍。這項創新正在推動加速使用,每天使用 Microsoft 365 的人數比上一季增加了一倍以上。我們也看到各行業的客戶越來越多地採用 Microsoft 365 Copilot 來推動真正的業務價值。
Vodafone, for example, will roll out Microsoft 365 Copilot to 68,000 employees after a trial showed that, on average, they save three hours per person per week. And UBS will deploy 50,000 seats in our largest finserve deal to date. And we continue to see enterprise customers coming back to buy more seats.
例如,沃達豐將向 68,000 名員工推出 Microsoft 365 Copilot,試驗表明,平均每人每周可節省 3 小時。瑞銀將在我們迄今為止最大的金融服務交易中部署 50,000 個席位。我們繼續看到企業客戶回來購買更多席位。
All up, nearly 70% of the Fortune 500 now use Microsoft 365 Copilot, and customers continue to adopt it at a faster rate than any other new Microsoft 365 suite. Copilot is the UI for AI, and with Microsoft 365 Copilot, Copilot Studio and agents, and now autonomous agents, we have built an end-to-end system for AI business transformation.
總而言之,近 70% 的財富 500 強企業現在都在使用 Microsoft 365 Copilot,客戶繼續以比其他新 Microsoft 365 套件更快的速度採用它。 Copilot 是 AI 的 UI,透過 Microsoft 365 Copilot、Copilot Studio 和代理,以及現在的自治代理,我們建立了用於 AI 業務轉型的端到端系統。
With Copilot Studio, organizations can build and connect Microsoft 365 Copilot to autonomous agents, which then delegate to Copilot when there is an exception. More than 100,000 organizations from Nsure, Standard Bank and Thomson Reuters to Virgin Money and Zurich Insurance have used Copilot Studio to date, up over 2x quarter over quarter. More broadly, we are seeing AI drive a fundamental change in the business applications market as customers shift from legacy apps to AI-first business processes.
借助 Copilot Studio,組織可以建立 Microsoft 365 Copilot 並將其連接到自治代理,然後在出現異常時將其委託給 Copilot。迄今為止,從 Nsure、標準銀行、湯森路透到 Virgin Money 和蘇黎世保險,已有超過 10 萬個組織使用了 Copilot Studio,季度環比增長超過 2 倍。更廣泛地說,隨著客戶從傳統應用程式轉向人工智慧優先的業務流程,我們看到人工智慧推動了業務應用程式市場的根本性變化。
Dynamics 365 continues to take share as organizations like Evron, Heineken, and Lexmark chose our apps over other providers. And monthly active users of Copilot across our CRM and ERP portfolio increased over 60% quarter over quarter.
隨著 Evron、Heineken 和 Lexmark 等組織選擇我們的應用程式而不是其他供應商,Dynamics 365 繼續佔據市場份額。我們的 CRM 和 ERP 產品組合中 Copilot 的月度活躍用戶環比增長了 60% 以上。
Our Dynamics 365 contact center is also winning customers like Currys, Le Creuset and RXO as it brings generative AI to every customer engagement channel. And just last week, we added 10 out-of-the-box autonomous agents to Dynamics 365 that helps customers automatically qualify sales leads, track suppliers, and work hand in hand with service reps to resolve issues.
我們的 Dynamics 365 聯絡中心也贏得了 Currys、Le Creuset 和 RXO 等客戶,因為它為每個客戶參與管道帶來了生成式 AI。就在上週,我們為 Dynamics 365 增加了 10 個開箱即用的自主代理,幫助客戶自動確定銷售線索資格、追蹤供應商並與服務代表攜手解決問題。
We're also bringing AI to industry-specific workflows. One year in, DAX Copilot is now documenting over 1.3 million physician-patient encounters each month at over 500 health care organizations like Baptist Medical Group, Baylor Scott & White, Greater Baltimore Medical Center, Novant Health, and Overlake Medical Center. It is showing faster revenue growth than GitHub Copilot did in this first year.
我們也將人工智慧引入特定產業的工作流程。一年後,DAX Copilot 現在每月記錄 Baptist Medical Group、Baylor Scott & White、Greater Baltimore Medical Center、Novant Health 和 Overlake Medical Center 等 500 多家醫療保健組織的超過 130 萬次醫患就診。它的營收成長速度比 GitHub Copilot 第一年的成長速度還要快。
And new features extend DAX beyond notes, helping physicians automatically draft referrals, after-visit instructions and diagnostic evidence. On top of all this AI innovation, Microsoft Teams usage remains at all-time highs as people use it to streamline all their communications.
新功能將 DAX 擴展到筆記之外,幫助醫生自動起草轉診、就診後說明和診斷證據。除了所有這些人工智慧創新之外,Microsoft Teams 的使用率仍然保持在歷史最高水平,因為人們使用它來簡化所有通訊。
Nearly 75% of our Teams Enterprise customers now buy Premium, Phone or Rooms. When it comes to Windows, our new class of Copilot+ PCs is winning new customers. They offer best-in-class AI capability, performance, and value.
我們有近 75% 的 Teams Enterprise 客戶現在購買高級版、電話版或房間版。就 Windows 而言,我們的新型 Copilot+ PC 正在贏得新客戶。它們提供一流的人工智慧功能、性能和價值。
AMD, Intel, and Qualcomm now all support Copilot+ PCs. This quarter, we also introduced new AI experience only available on Copilot+ PCs like Click to Do, which places an interactive overlay over your desktop to suggest next best actions. And as we approach the end of support for Windows 10 a year from now, we are well positioned to transition our customers to Windows 11, ensuring they benefit from enhanced features and security improvements we've introduced over the past few years.
AMD、英特爾和高通現在都支援 Copilot+ PC。本季度,我們還推出了僅在 Copilot+ PC 上提供的新 AI 體驗,例如 Click to Do,它會在您的桌面上放置一個互動式覆蓋層,以建議下一步的最佳操作。隨著一年後對 Windows 10 的支援即將結束,我們已準備好將客戶過渡到 Windows 11,確保他們受益於我們過去幾年推出的增強功能和安全性改進。
Now on to security. We continue to prioritize security above all else. With our Secure Future Initiative, we have dedicated the equivalent of 34,000 full-time engineers to address the highest-priority security tasks. We have made significant progress to better protect tenants' identities, networks and engineering systems, and we have created new processes to ensure security is prioritized at every level of the company. And we continue to take what we learn and turn it into innovations across our products.
現在談談安全性。我們繼續將安全放在首位。透過我們的“安全未來計劃”,我們投入了相當於 34,000 名全職工程師來解決最高優先事項的安全任務。我們在更好地保護租戶身分、網路和工程系統方面取得了重大進展,並且創建了新流程以確保公司各個層面都優先考慮安全性。我們繼續將所學到的知識轉化為我們產品的創新。
Security Copilot, for example, is being used by companies in every industry, including Clifford Chance, Intesa Sanpaolo, and Shell to perform SecOps tasks faster and more accurately. And we are now helping customers protect their AI deployments, too.
例如,各行業的公司(包括高偉紳律師事務所、聯合聖保羅銀行和殼牌公司)都在使用 Security Copilot 來更快、更準確地執行 SecOps 任務。我們現在也正在幫助客戶保護他們的人工智慧部署。
Customers have used Defender to discover and secure more than 750,000 GenAI app instances and used Purview to audit over 1 billion Copilot interactions to meet their compliance obligations. And all up, we continue to take share across all major categories we serve and are consistently recognized by top analysts as a leader in 20 categories more than any other vendor.
客戶已使用 Defender 發現並保護了超過 750,000 個 GenAI 應用程式實例,並使用 Purview 審核了超過 10 億次 Copilot 交互,以履行其合規義務。總而言之,我們繼續在我們所服務的所有主要類別中佔據份額,並始終被頂級分析師認可為 20 個類別中的領導者,比任何其他供應商都多。
Now let me turn to our consumer businesses, starting with LinkedIn. Member growth continues to accelerate with markets in India and Brazil both growing at double digits. We are also seeing record engagement as we introduce new ways for our more than 1 billion members to connect, sell services, get hired and share knowledge.
現在讓我談談我們的消費者業務,首先是 LinkedIn。會員成長持續加速,印度和巴西市場均以兩位數成長。隨著我們為超過 10 億會員引入新的聯絡方式、銷售服務、就業和分享知識,我們的參與度也創下了新紀錄。
Our investments in rich formats like video strengthen our leadership in B2B advertising and amplify the value we deliver to our customers. Weekly immersive video views increased 6x quarter over quarter, and total video viewership on LinkedIn is up 36% year over year. Our AI-powered tools also continue to transform how people sell, learn and hire.
我們對影片等豐富格式的投資增強了我們在 B2B 廣告領域的領導地位,並擴大了我們為客戶提供的價值。每週沉浸式影片觀看量較上季成長 6 倍,LinkedIn 上的影片總觀看量較去年同期成長 36%。我們的人工智慧工具也持續改變人們銷售、學習和招募的方式。
In sales, new AI features help every team member perform at the level of top sellers and drive more profitable growth. In learning, just yesterday, we announced updates to our coaching experience, including personalized career development plans.
在銷售方面,新的人工智慧功能可以幫助每個團隊成員達到最暢銷的水平,並推動更多的利潤成長。在學習方面,就在昨天,我們宣布了教練經驗的更新,包括個人化的職涯發展計畫。
LinkedIn's first agent-hiring assistant will help hirers find qualified candidates faster by tackling the most time-consuming task. Already hirers who use AI assistant messages see a 44% higher acceptance rate compared to those who don't. And our hiring business continues to take share.
LinkedIn 的第一位代理招募助理將透過解決最耗時的任務來幫助雇主更快找到合格的候選人。與不使用人工智慧助理訊息的雇主相比,已經使用人工智慧助理訊息的雇主的接受率高出 44%。我們的招募業務持續佔據份額。
Now on to search, advertising, and news. With Copilot, we are seeing the first step towards creating a new AI companion for everyone with new Copilot experience we introduced earlier this month, includes a refreshed design and tone along with improved speed and fluency across the web and mobile. And it includes advanced capabilities like voice and vision that make it more delightful and useful and feel more natural. You can both browse and converse with Copilot simultaneously because Copilot sees what you see.
現在介紹搜尋、廣告和新聞。透過Copilot,我們看到了為每個人創建新的人工智慧伴侶的第一步,我們在本月早些時候推出了新的Copilot 體驗,包括更新的設計和色調,以及網路和行動裝置上的速度和流暢度的提升。它還包括語音和視覺等高級功能,使其更令人愉悅、更有用、感覺更自然。您可以同時瀏覽並與 Copilot 交談,因為 Copilot 可以看到您所看到的內容。
More broadly, AI is also transforming search, browsers, and digital advertising, and we continue to take share across Bing and Edge. Bing ex TAC revenue growth outpaced the search market.
更廣泛地說,人工智慧也在改變搜尋、瀏覽器和數位廣告,我們將繼續在 Bing 和 Edge 上佔據份額。 Bing ex TAC 收入成長超過了搜尋市場。
Now on to gaming. One year since we closed our acquisition of Activision Blizzard King, we are focused on building a business positioned for long-term growth, driven by higher-margin content and services. You already see this transformation in our results as we diversify the ways that gamers access our content. We set new records for monthly active users in the quarter as more players than ever play our games across devices and on the Xbox platform.
現在開始遊戲。自從我們完成對動視暴雪國王的收購一年以來,我們專注於建立一個以高利潤內容和服務為推動力的長期成長業務。隨著我們使遊戲玩家訪問內容的方式多樣化,您已經在我們的結果中看到了這種轉變。我們在本季創下了每月活躍用戶數新紀錄,因為跨裝置和在 Xbox 平台上玩我們遊戲的玩家比以往任何時候都多。
Game Pass also set a new Q1 record for total revenue and average revenue per subscriber. And as we look ahead, our IP across our studios has never been stronger.
Game Pass 也創下了第一季總收入和每位訂閱者平均收入的新紀錄。展望未來,我們工作室的智慧財產權從未如此強大。
Last week's launch of Black Ops 6 was the biggest Call of Duty release ever, setting a record for day-one players as well as Game Pass subscriber adds on launch day. And unit sales on PlayStation and Steam were also up over 60% year over year. This speaks to our strategy of meeting gamers where they are by enabling them to play more games across the screens they spend their time on.
上週發布的《黑色行動 6》是《決勝時刻》有史以來規模最大的一次發布,創下了第一天玩家數量以及發布當天 Game Pass 訂戶數量的記錄。 PlayStation 和 Steam 上的銷量也較去年同期成長超過 60%。這說明了我們的策略是滿足遊戲玩家的需求,讓他們能夠在他們花時間使用的螢幕上玩更多遊戲。
In closing, we are rapidly innovating to expand our opportunity across our commercial and consumer businesses. In three weeks' time, we will hold our Ignite Conference, and I look forward to sharing more then about how we are helping every business function use AI to drive growth in this new era.
最後,我們正在快速創新,以擴大我們在商業和消費業務中的機會。三週後,我們將舉行 Ignite 會議,我期待分享更多關於我們如何幫助每個業務部門使用人工智慧來推動這個新時代成長的資訊。
With that, let me turn it over to Amy.
那麼,讓我把它交給艾米。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $65.6 billion, up 16%. And earnings per share was $3.30, an increase of 10%. With strong execution by our sales teams and partners, we delivered a solid start to our fiscal year with double-digit top and bottom-line growth.
謝謝薩蒂亞,大家下午好。本季營收為 656 億美元,成長 16%。每股收益為 3.30 美元,成長 10%。憑藉我們的銷售團隊和合作夥伴的強大執行力,我們在本財年取得了良好的開端,實現了兩位數的頂線和底線成長。
We also saw continued share gains across many of our businesses. In our commercial business, increased demand and growth in long-term commitments to our Microsoft Cloud platform drove our results.
我們也看到許多業務的份額持續成長。在我們的商業業務中,需求的增加和對 Microsoft 雲端平台的長期承諾的成長推動了我們的表現。
Commercial bookings were ahead of expectations and increased 30% and 23% in constant currency. Results were driven by strong execution across our core annuity sales motions and growth in the number of $10 million-plus contracts for both Azure and Microsoft 365. Additionally, we also saw an increase in the number of $100-plus million contracts for Azure.
商業預訂量超出預期,以固定匯率計算分別成長 30% 及 23%。我們的核心年金銷售行動的強勁執行以及 Azure 和 Microsoft 365 價值超過 1000 萬美元的合約數量的成長推動了業績。
Commercial remaining performance obligation increased 22% and 21% in constant currency to $259 billion. 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 27%. And this quarter, our annuity mix increased to 98%.
以固定匯率計算,商業剩餘履約義務增加了 22% 和 21%,達到 2,590 億美元。約 40% 將在未來 12 個月內確認為收入,年增 17%。剩餘部分在未來 12 個月後確認,增加了 27%。本季度,我們的年金組合增加至 98%。
In addition to commercial results that were in line with expectations, we also saw some benefit from in-period revenue recognition across Microsoft 365 commercial, Azure, and our on-premises server business.
除了符合預期的商業績效外,我們還看到了 Microsoft 365 商業版、Azure 和本地伺服器業務的期內收入確認帶來的一些好處。
At a company level, Activision contributed a net impact of approximately 3 points to revenue growth with a 2-point drag on operating income growth and had a negative $0.05 impact to earnings per share. A reminder that this net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first-party and includes $911 million from purchase accounting adjustments, integration, and transaction-related cost.
在公司層面,動視對收入成長產生了約 3 個百分點的淨影響,對營業收入成長產生了 2 個百分點的拖累,並對每股收益產生了 0.05 美元的負面影響。請注意,這種淨影響包括對動視內容從我們先前作為第三方合作夥伴的關係轉移到第一方的調整,以及來自購買會計調整、整合和交易相關成本的 9.11 億美元。
FX did not have a significant impact on our results and was roughly in line with expectations on total company revenue, segment-level revenue, COGS, and operating expense growth. Microsoft Cloud revenue was $38.9 billion and grew 22%, roughly in line with expectations. Microsoft Cloud gross margin percentage decreased 2 points year over year to 71%. This was slightly better than expected due to improvement in Azure, although the gross margin percentage decrease year-over-year continues to be driven by scaling our AI infrastructure.
外匯對我們的業績沒有產生重大影響,並且與公司總收入、部門級收入、銷貨成本和營運費用成長的預期大致一致。微軟雲端營收為 389 億美元,成長 22%,大致符合預期。微軟雲毛利率較去年同期下降2個百分點至71%。由於 Azure 的改進,這一結果略好於預期,儘管毛利率同比下降仍然是由於擴展我們的人工智慧基礎設施所致。
Company gross margin dollars increased 13% and 14% in constant currency, and gross margin percentage was 69%, down 2 points year over year, driven by the lower Microsoft Cloud gross margin noted earlier as well as the impact from purchase accounting adjustments, integration, and transaction-related costs from the Activision acquisition.
以固定匯率計算,公司毛利率分別成長 13% 和 14%,毛利率百分比為 69%,年減 2 個百分點,原因是前面提到的微軟雲毛利率較低以及採購會計調整、整合的影響,以及動視收購帶來的交易相關成本。
Operating expenses increased 12%, lower than expected due to our focus on cost efficiencies and ongoing prioritization work. Operating expense growth included 9 points from the Activision acquisition.
由於我們注重成本效率和正在進行的優先級工作,營運費用增加了 12%,低於預期。營運費用成長包括因收購動視暴雪而成長的 9 個百分點。
At a total company level, headcount at the end of September was 8% higher than a year ago. Excluding the growth from the Activision acquisition, headcount was 2% higher. Operating income increased 14% and operating margins were 47%, down 1 point year over year. Excluding the net impact from the Activision acquisition, operating margins were up 1 point as we continue to drive efficiencies across our businesses as we invest in AI infrastructure and capabilities.
從公司整體來看,9 月底的員工人數比去年同期增加了 8%。排除收購動視暴雪帶來的成長,員工人數增加了 2%。營業收入成長 14%,營業利益率為 47%,較去年同期下降 1 個百分點。排除動視收購帶來的淨影響,隨著我們投資人工智慧基礎設施和能力,繼續提高整個業務的效率,營業利潤率上升了 1 個百分點。
Now to our segment results. Revenue from productivity and business processes was $28.3 billion and grew 12% and 13% in constant currency, ahead of expectations, driven by better-than-expected results across all businesses. M365 commercial cloud revenue increased 15% and 16% in constant currency with business trends that were as expected. The better-than-expected result was due to a small benefit from the in-period revenue recognition noted earlier.
現在我們的細分結果。生產力和業務流程收入為 283 億美元,以固定匯率計算分別成長 12% 和 13%,超出預期,這得益於所有業務的績效優於預期。以固定匯率計算,M365 商業雲端收入成長 15% 和 16%,業務趨勢符合預期。好於預期的結果是由於先前提到的期間收入確認帶來的小額收益。
ARPU growth was primarily driven by E5 as well as M365 Copilot. Paid M365 commercial seats grew 8% year over year with installed base expansion across all customer segments. Seat growth was driven by our small and medium business and frontline worker offerings. M365 commercial cloud revenue represents nearly 90% of total M365 commercial products and cloud services.
ARPU 成長主要由 E5 和 M365 Copilot 推動。隨著所有客戶群的安裝基礎不斷擴大,付費 M365 商業席位較去年同期成長 8%。座位成長是由我們的中小型企業和第一線員工提供的服務所推動的。 M365商業雲端收入佔M365商業產品和雲端服務總額的近90%。
M365 commercial products revenue increased 2% and 3% in constant currency, ahead of expectations, primarily due to the benefit from in-period revenue recognition noted earlier. M365 consumer products and cloud services revenue increased 5% and 6% in constant currency. M365 consumer cloud revenue increased 6% and 7% in constant currency, with continued momentum in M365 consumer subscriptions, which grew 10% to 84.4 million. M365 consumer cloud revenue represents 85% of total M365 consumer products and cloud services.
以固定匯率計算,M365 商業產品收入分別成長 2% 和 3%,超出預期,主要得益於先前提到的期內收入確認。以固定匯率計算,M365 消費產品和雲端服務收入分別成長 5% 和 6%。以固定匯率計算,M365 消費者雲端收入分別成長 6% 和 7%,M365 消費者訂閱量持續維持成長勢頭,成長 10% 至 8,440 萬。 M365 消費者雲端收入佔 M365 消費者產品和雲端服務總額的 85%。
LinkedIn revenue increased 10% and 9% in constant currency, slightly ahead of expectations with growth across all lines of business. Dynamics revenue grew 14%, driven by Dynamics 365, which grew 18% and 19% in constant currency with continued growth across all workloads and continued share gains. As a reminder, Dynamics 365 represents about 90% of total Dynamics revenue.
以固定匯率計算,LinkedIn 營收分別成長 10% 和 9%,略高於預期,所有業務線均成長。在 Dynamics 365 的推動下,Dynamics 營收成長了 14%,以固定匯率計算,Dynamics 營收成長了 18% 和 19%,所有工作負載均持續成長,份額也持續成長。提醒一下,Dynamics 365 約佔 Dynamics 總營收的 90%。
Segment gross margin dollars increased 11% and 12% in constant currency, and gross margin percentage decreased slightly year over year, driven by scaling our AI infrastructure. Operating expenses increased 2%, and operating income increased 16%.
以固定匯率計算,該部門的毛利率分別增加了 11% 和 12%,由於人工智慧基礎設施規模的擴大,毛利率百分比比去年同期略有下降。營業費用成長 2%,營業收入成長 16%。
Next, the intelligent cloud segment. Revenue was $24.1 billion, increasing 20% and 21% in constant currency, in line with expectations. Azure and other cloud services revenue grew 33% and 34% in constant currency, with healthy consumption trends that were in line with expectations. The better-than-expected result was due to the small benefit from in-period revenue recognition noted earlier. Azure growth included roughly 12 points from AI services similar to last quarter.
其次是智慧雲部分。營收為 241 億美元,以固定匯率計算分別成長 20% 和 21%,符合預期。以固定匯率計算,Azure 和其他雲端服務收入分別成長 33% 和 34%,健康的消費趨勢符合預期。好於預期的結果是由於先前提到的期間收入確認帶來的小額收益。 Azure 的成長包括來自 AI 服務的約 12 個百分點,與上季類似。
Demand continues to be higher than our available capacity. Non-AI growth trends were also in line with expectations in total and across regions as customers continued to migrate and modernize on the Azure platform. The non-AI point contribution to Azure growth was sequentially lower by approximately 1 point. In our on-premises server business, revenue decreased 1%.
需求持續高於我們的可用能力。隨著客戶繼續在 Azure 平台上遷移和現代化,非 AI 成長趨勢也符合整體和跨地區的預期。非 AI 點對 Azure 成長的貢獻連續下降約 1 點。在我們的本地伺服器業務中,收入下降了 1%。
Lower-than-expected transactional purchasing ahead of the Windows Server 2025 launch as well as lower purchasing of licenses running in multi-cloud environments was mostly offset by the benefit from in-period revenue recognition noted earlier.
Windows Server 2025 發布之前的交易採購量低於預期以及多雲環境中運行的許可證採購量的減少大部分被前面提到的期內收入確認的收益所抵消。
Enterprise and partner services revenue decreased 1% and was relatively unchanged in constant currency. Segment gross margin dollars increased 15%, and gross margin percentage decreased 3 points year over year, driven by scaling our AI infrastructure. Operating expenses increased 8% and operating income grew 18%.
企業和合作夥伴服務收入下降 1%,以固定匯率計算相對持平。在擴大我們的人工智慧基礎設施的推動下,分部毛利率增加了 15%,毛利率百分比比去年同期下降了 3 個百分點。營業費用成長 8%,營業收入成長 18%。
Now to more personal computing. Revenue was $13.2 billion, increasing 17%, with 15 points of net impact from the Activision acquisition. Results were above expectations, driven by gaming and search. Windows OEM and devices revenue increased 2% year over year as better-than-expected results in Windows OEM due to mix shift to higher monetizing markets was partially offset by the lower-than-expected results in devices due to execution challenges in the commercial segment.
現在轉向更多的個人計算。營收為 132 億美元,成長 17%,動視收購帶來的淨影響為 15 個百分點。在遊戲和搜尋的推動下,結果超乎預期。 Windows OEM 和裝置營收年增 2%,原因是向更高貨幣化市場的混合轉移導致 Windows OEM 業績好於預期,但由於商業領域的執行挑戰導致裝置業績低於預期,部分抵消了這一影響。
Search and news advertising revenue ex TAC increased 18% and 19% in constant currency, ahead of expectations, primarily due to continued execution improvement. We saw rate expansion in addition to healthy volume growth in both Edge and Bing.
以固定匯率計算,扣除 TAC 的搜尋和新聞廣告收入分別成長 18% 和 19%,超出預期,這主要是由於執行力的持續改善。除了 Edge 和 Bing 的銷售健康成長之外,我們還看到了價格的擴張。
And in Gaming, revenue increased 43% and 44% in constant currency, with 43 points of net impact from the Activision acquisition. Results were ahead of expectations, driven by stronger-than-expected performance in both first- and third-party content as well as consoles. Xbox content and services revenue increased 61% with 53 points of net impact from the Activision acquisition.
在遊戲領域,以固定匯率計算,營收成長了 43% 和 44%,動視收購帶來的淨影響為 43 個百分點。由於第一方和第三方內容以及遊戲機的表現都強於預期,結果超出了預期。 Xbox 內容和服務收入成長了 61%,動視收購帶來的淨影響為 53 個百分點。
Segment gross margin dollars increased 16% and 17% in constant currency with 12 points of net impact from the Activision acquisition. Gross margin percentage was relatively unchanged year over year. Our strong execution on margin improvement in gaming and search was offset by sales mix shift to those businesses. Operating expenses increased 49% with 51 points from the Activision acquisition. Operating income decreased 4%.
以固定匯率計算,該部門的毛利率分別增加了 16% 和 17%,動視收購帶來的淨影響為 12 個百分點。毛利率較去年同期保持不變。我們在遊戲和搜尋領域的利潤率改善的強勁執行力被銷售組合向這些業務的轉變所抵消。營運費用因收購動視暴雪而成長 49%,增加 51 個百分點。營業收入下降 4%。
Now back to total company results. Capital expenditures including finance leases were $20 billion, in line with expectations, and cash paid for PP&E was $14.9 billion. Roughly half of our cloud and AI-related spend continues to be for long-lived assets that will support monetization over the next 15 years and beyond. The remaining cloud and AI spend is primarily for servers, both CPUs and GPUs, to serve customers based on demand signals.
現在回到公司整體業績。包括融資租賃在內的資本支出為 200 億美元,符合預期,用於財產、廠房和設備的現金支付為 149 億美元。我們大約一半的雲端和人工智慧相關支出仍用於長期資產,這些資產將支援未來 15 年及以後的貨幣化。剩餘的雲端和人工智慧支出主要用於伺服器(包括 CPU 和 GPU),以根據需求訊號為客戶提供服務。
Cash flow from operations was $34.2 billion, up 12%, driven by strong cloud billings and collections, partially offset by higher supplier employee and tax payments.
營運現金流為 342 億美元,成長 12%,這得益於強勁的雲端帳單和收款,但部分被供應商員工和納稅額增加所抵消。
Free cash flow was $19.3 billion, down 7% year over year, reflecting higher capital expenditures to support our cloud and AI offerings. This quarter, other income expense was negative $283 million, significantly more favorable than anticipated due to foreign currency remeasurement and net gains on investments.
自由現金流為 193 億美元,年減 7%,反映出支持我們的雲端和人工智慧產品的資本支出增加。本季其他收入支出為負 2.83 億美元,由於外幣重新計量和投資淨收益,明顯優於預期。
Our losses on investments accounted for under the equity method were as expected. Our effective tax rate was approximately 19%. And finally, we returned $9 billion to shareholders through dividends and share repurchases.
我們以權益法計算的投資損失符合預期。我們的有效稅率約為 19%。最後,我們透過股利和股票回購向股東返還 90 億美元。
Now moving to our Q2 outlook, which, unless specifically noted otherwise, is on a US dollar basis. First, FX. With the weaker US dollar and assuming current rates remain stable, we expect FX to increase total revenue and segment level revenue growth by less than 1 point.
現在轉向我們的第二季展望,除非另有特別說明,否則都是以美元為基礎的。首先,外匯。隨著美元走軟並假設當前匯率保持穩定,我們預期外匯業務將導致總收入和細分市場收入成長不到 1 個百分點。
We expect FX to have no meaningful impact to COGS or operating expense growth. Our outlook has many of the trends we saw in Q1 continue through Q2. Customer demand for our differentiated solutions should drive another quarter of strong growth.
我們預計外匯不會對銷貨成本或營運費用成長產生重大影響。我們的展望是,我們在第一季看到的許多趨勢將持續到第二季。客戶對我們差異化解決方案的需求應會推動另一個季度的強勁成長。
In commercial bookings, we expect strong growth on a growing expiry base driven by increased long-term commitments to our platform and strong execution across core annuity sales motions. 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.
在商業預訂方面,我們預計,由於對我們平台的長期承諾增加以及核心年金銷售行動的強力執行,到期基數不斷擴大,因此將出現強勁增長。需要提醒的是,規模較大的長期 Azure 合約在時間上更難以預測,可能會導致我們的預訂成長率出現季度波動。
Microsoft Cloud gross margin percentage should be roughly 70%, down year over year, driven by the impact of scaling our AI infrastructure. We expect capital expenditures to increase on a sequential basis given our cloud and AI demand signals.
由於擴展我們的人工智慧基礎設施的影響,微軟雲端毛利率應約為 70%,年減。鑑於我們的雲端和人工智慧需求訊號,我們預計資本支出將環比增加。
As I said last quarter, we will stay aligned and if needed, adjust to the demand signals we see. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.
正如我上季度所說,我們將保持一致,並在需要時根據我們看到的需求訊號進行調整。提醒一下,雲端基礎設施建設和融資租賃交付時間可能會產生季度支出變化。
Next, segment guidance, starting with productivity and business processes. We are the market leader when it comes to knowledge-based copilots and agents in the enterprise space, and we are focused on continuing to gain share across our productivity solutions. Therefore, we expect revenue in productivity and business processes to grow between 10% and 11% in constant currency or USD28.7 billion to USD29 billion.
接下來,從生產力和業務流程開始進行細分指導。在企業領域基於知識的副駕駛和代理方面,我們是市場領導者,我們致力於繼續在我們的生產力解決方案中獲得份額。因此,我們預期生產力和業務流程的營收以固定匯率計算將成長 10% 至 11%,即 287 億美元至 290 億美元。
M365 commercial cloud revenue growth should be approximately 14% in constant currency with moderating seat growth across customer segments and ARPU growth through E5 and M365 Copilot. For H2, we expect revenue growth to remain relatively stable compared to Q2. We continue to see growth in M365 Copilot seats, and we expect the related revenue to continue to grow gradually over time.
以固定匯率計算,M365 商業雲端收入成長應約為 14%,且各客戶群的席位成長以及透過 E5 和 M365 Copilot 實現的 ARPU 成長將有所放緩。對於下半年,我們預計營收成長與第二季相比將保持相對穩定。我們繼續看到 M365 副駕駛席位的成長,我們預計相關收入將隨著時間的推移繼續逐步成長。
For M365 commercial products, we expect revenue to decline in the low-single digits. As a reminder, M365 commercial products include 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. M365 consumer cloud revenue growth should be in the mid-single digits driven by M365 subscriptions.
對於 M365 商業產品,我們預計收入將以低個位數下降。提醒一下,M365 商業產品包括 M365 套件的本地組件,因此我們的季度收入增長可能主要來自期內收入確認,具體取決於合約組合。在 M365 訂閱的推動下,M365 消費者雲端收入成長應為中個位數。
For LinkedIn, we expect revenue growth of approximately 10%, driven by continued growth across all businesses. And in Dynamics 365, we expect revenue growth to be in the mid- to high-teens, driven by continued growth across all workloads.
對於 LinkedIn,我們預計在所有業務持續成長的推動下,營收成長約 10%。在 Dynamics 365 中,我們預期在所有工作負載持續成長的推動下,營收成長將達到中位數至高位數。
Next, intelligent cloud. Helping our customers transform and grow with innovative cloud and AI solutions is driving continued growth in Azure. Therefore, we expect revenue in intelligent cloud to grow between 18% and 20% in constant currency or USD25.55 billion to USD25.85 billion. 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.
其次,智慧雲。透過創新的雲端和人工智慧解決方案幫助我們的客戶轉型和發展正在推動 Azure 的持續成長。因此,我們預期智慧雲端收入以固定匯率計算將成長18%至20%,即255.5億美元至258.5億美元。收入將繼續由 Azure 驅動,提醒一下,它的季度變化主要來自於期間收入確認,具體取決於合約組合。
In Azure, we expect Q2 revenue growth to be 31% to 32% in constant currency, driven by strong demand for our portfolio of services. We expect consumption growth to be stable compared to Q1, and we expect to add more sequential dollars to Azure than any other quarter in history.
在 Azure 中,由於對我們服務組合的強勁需求的推動,我們預計第二季營收成長將按固定匯率計算將達到 31% 至 32%。與第一季相比,我們預計消費成長將保持穩定,並且我們預計 Azure 的連續美元成長將超過歷史上任何其他季度。
We expect the contribution from AI services to be similar to last quarter, given the continued capacity constraints as well as some capacity that shifted out of Q2. And in H2, we still expect Azure growth to accelerate from H1 as our capital investments create an increase in available AI capacity to serve more of the growing demand.
鑑於持續的產能限制以及部分產能從第二季轉移出去,我們預計人工智慧服務的貢獻將與上季相似。在下半年,我們仍然預計 Azure 的成長將比上半年加速,因為我們的資本投資將增加可用的人工智慧能力,以滿足更多不斷增長的需求。
And in our on-premises server business, we expect revenue to decline in the low to mid-single digits on a prior year comparable that benefited from purchasing ahead of windows server 2012 end of support. And in enterprise and partner services, we expect revenue growth to be in the low-single digits.
在我們的本地伺服器業務中,我們預計收入將比上一年下降個位數,這得益於在 Windows Server 2012 終止支援之前進行的採購。在企業和合作夥伴服務方面,我們預期收入成長將為低個位數。
Now to more personal computing. We continue to make decisions to prioritize strategic higher-margin opportunities within each of our consumer businesses. Our outlook reflects the improvement in gross and operating margins from this prioritization work across gaming, search and devices.
現在轉向更多的個人計算。我們繼續做出決策,優先考慮每個消費者業務中的策略性高利潤機會。我們的前景反映了遊戲、搜尋和設備領域的這項優先工作所帶來的毛利率和營業利潤率的改善。
We expect revenue in more personal computing to be USD13.85 billion to USD14.25 billion. Windows OEM and devices revenue should decline in the low to mid-single digits. We expect Windows OEM revenue growth in line with the PC market to be more than offset by a decline in devices as the trends from Q1 continue.
我們預計更多個人運算領域的營收將達到 138.5 億至 142.5 億美元。 Windows OEM 和裝置收入應該會下降到中低個位數。我們預計,隨著第一季的趨勢持續下去,Windows OEM 營收的成長與 PC 市場一致,將被裝置的下降所抵消。
Search and news advertising ex TAC revenue growth should be in the high teens, with continued growth in both volume and revenue per search. This will be higher than overall search and news advertising revenue growth, which we expect to be in the high single digits.
搜尋和新聞廣告(除 TAC 之外)的收入增長應該在十幾歲左右,每次搜尋的數量和收入都在持續增長。這將高於整體搜尋和新聞廣告收入的成長,我們預期整體搜尋和新聞廣告收入的成長將達到高個位數。
And in gaming, we expect revenue to decline in the high-single digits due to hardware. We expect Xbox content and services revenue growth to be relatively flat.
在遊戲領域,我們預計由於硬體的原因,收入將出現高個位數下降。我們預計 Xbox 內容和服務收入成長將相對穩定。
We're excited about last week's launch of Call of Duty, where we saw the most Game Pass subscriber adds we've ever seen on a launch day. There are two things about the launch that are different than the Call of Duty launch a year ago, where revenue was mostly recognized in the quarter of purchase.
我們對上週推出的《決勝時刻》感到非常興奮,我們在發布當天看到了有史以來最多的 Game Pass 訂閱者添加。此次發布與一年前的《決勝時刻》發布有兩點不同,後者的收入主要在購買季度確認。
First, the game is available on Game Pass, so for players who play through Game Pass, the subscription revenue is recognized over time. Second, the game requires an online connection to play, so even for players who purchased the stand-alone game, revenue recognition will also occur ratably over time.
首先,該遊戲在 Game Pass 上提供,因此對於透過 Game Pass 玩遊戲的玩家來說,訂閱收入會隨著時間的推移而得到確認。其次,遊戲需要連網才能玩,所以即使對於購買單機遊戲的玩家來說,收入確認也會隨著時間的推移而按比例發生。
Now back to company guidance. We expect COGS to grow between 11% and 13% in constant currency or to be between USD21.9 billion to USD22.1 billion, and operating expense to grow approximately 7% in constant currency or to be between USD16.4 billion and USD16.5 billion. This should result in another quarter of operating margin expansion.
現在回到公司指導。我們預計銷貨成本以固定匯率計算將成長11% 至13%,即在219 億美元至221 億美元之間,營運費用以固定匯率計算將成長約7%,即在164 億美元至16 美元之間。這應該會導致營業利潤率再成長一個季度。
Other income and expense is expected to be roughly negative $1.5 billion, primarily driven by our share of the expected loss from OpenAI, which is accounted for under the equity method. As a reminder, we do not recognize mark-to-market gains or losses on equity method investments.
其他收入和支出預計約為負 15 億美元,主要是由於我們在 OpenAI 的預期損失中所佔的份額(按權益法核算)。提醒一下,我們不承認權益法投資的以市價計價的損益。
As you heard from Satya, our strategic partnership and investment in OpenAI has been pivotal in building and scaling our AI business and positioning us as the leader in the AI platform wave. And lastly, we expect our Q2 effective tax rate to be approximately 19%.
正如您從 Satya 那裡聽到的,我們對 OpenAI 的策略合作夥伴關係和投資對於建立和擴展我們的 AI 業務以及將我們定位為 AI 平台浪潮的領導者至關重要。最後,我們預計第二季的有效稅率約為 19%。
In closing, we remain focused on strategically investing in the long-term opportunities that we believe drive shareholder value. Monetization from these investments continues to grow, and we're excited that only 2.5 years in, our AI business is on track to surpass $10 billion of annual revenue run rate in Q2.
最後,我們仍然專注於策略性投資於我們認為能夠推動股東價值的長期機會。這些投資的貨幣化持續成長,我們很高興只花了 2.5 年時間,我們的 AI 業務就有望在第二季超過 100 億美元的年收入運行率。
This will be the fastest business in our history to reach this milestone. We are committed to growing this leadership position across our entire Microsoft Cloud while maintaining our disciplined focus on cost management and prioritization across every team.
這將是我們歷史上最快達到這一里程碑的業務。我們致力於在整個 Microsoft 雲端中鞏固這一領導地位,同時保持對每個團隊的成本管理和優先順序的嚴格關注。
Brett Iversen - Vice President, Investor Relations
Brett Iversen - Vice President, Investor Relations
Out of respect for others on the call, we request the participants please only ask one question. Operator, can you please repeat your instructions?
出於對通話中其他人的尊重,我們要求參與者只提出一個問題。接線員,您能重複您的指示嗎?
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
(Operator Instructions) Keith Weiss, Morgan Stanley.
(操作員指令)Keith Weiss,摩根士丹利。
Keith Weiss - Analyst
Keith Weiss - Analyst
Congratulations on a really solid quarter. So Satya, the expansion of capabilities, the speed of innovation, the magnitude of the opportunities ahead for generative AI makes this the most exciting period for software I've seen in my 25 years of covering this space. And based upon this call, it seems like you share that excitement.
恭喜這個季度的表現非常強勁。因此,Satya,能力的擴展、創新的速度以及生成式 AI 未來的巨大機遇,使得現在成為我從事該領域 25 年來所見過的最激動人心的軟體時期。從這通電話來看,您似乎也同樣感到興奮。
But in my investor conversation, that excitement also feeds two related questions, and they both have to do with constraints. And the first is like what are the internal constraints or guardrails that Microsoft has when it comes to investing behind these innovations, particularly in relation to the funding of future generations of foundational models, where people are talking about price tags, you only said tens of billions or even $100-plus billion?
但在我與投資人的對話中,這種興奮也引發了兩個相關的問題,它們都與限制有關。第一個是微軟在投資這些創新方面有什麼內部限製或護欄,特別是在為未來幾代基礎模型提供資金方面,人們在談論價格標籤,你只說了幾十個數十億甚至1000多億美元?
And then on the other side of the spectrum, what are the external constraints that Microsoft sees in building out this capacity to meet the demand and capture the opportunity, particularly constraints in your ability to power all these new data centers being built out and power it in an environmentally sustainable fashion? I'd love to get the Microsoft perspective on both those questions.
另一方面,微軟在建立這種能力來滿足需求並抓住機會時看到了哪些外部限制,特別是對您為所有這些正在建立的新資料中心提供動力並為其提供動力的能力的限制以環境可持續的方式?我很想了解微軟對這兩個問題的看法。
Satya Nadella - Chairman of the Board, Chief Executive Officer
Satya Nadella - Chairman of the Board, Chief Executive Officer
Thank you, Keith, for those questions. I think on the first point, ultimately, when you think about, let's say, capital outlay for training because that's essentially what you're asking, it is going to be rate limited by your monetization of inference in a given generation, right?
謝謝基斯提出這些問題。我認為,對於第一點,最終,當你考慮培訓的資本支出時,因為這本質上就是你所要求的,它將受到特定一代推理貨幣化的限制,對吧?
So just like in the past, we would allocate capital to build out cloud based on the demand signal we were seeing and then we would then project the demand, and that's what we would build it for. So you can think of training essentially as that, right, which is you're building the next-generation model so that then you have a more capable model that then drives more inference demand, right?
因此,就像過去一樣,我們會根據我們看到的需求訊號分配資金來建立雲,然後我們會預測需求,這就是我們建構雲的目的。因此,您可以將培訓本質上視為這樣,對吧,您正在建立下一代模型,這樣您就可以擁有一個更強大的模型,從而推動更多的推理需求,對嗎?
So ultimately, even with all the scaling laws and what have you, I think you ultimately will normalize to having a pace. In fact, I think the best way to think about even is given that Moore's Law effectively is working on the sort of silicon and system side, so it's just not compute, right? It's efficiencies in compute. It's data as well as algorithms.
所以最終,即使有所有的縮放法則和你擁有的東西,我認為你最終會正常化,有一個節奏。事實上,我認為最好的思考方式是考慮到摩爾定律有效地在矽和系統方面發揮作用,所以它不是計算,對嗎?這是計算效率。它是數據也是演算法。
You will want to sort of keep on that curve, which is you really want to refresh your fleet with the Moore's Law every year and then effectively depreciate it over the period of the life cycle of it. And then the inference demand ultimately will govern how much we invest in training because that's, I think, at the end of the day, you're all subject to ultimately demand.
你會想要保持在這條曲線上,也就是說你真的想要每年根據摩爾定律更新你的機隊,然後在它的生命週期內有效地對其進行折舊。然後推理需求最終將決定我們在培訓上的投資量,因為我認為,歸根結底,你們都會受到最終需求的影響。
The second piece of the external constraints, we have run into obviously lots of external constraints because this demand all showed up pretty fast, right? I mean if you think about even the most hit product of this generation, all are in our cloud, right, whether it's ChatGPT, whether it's Copilot, whether it's GitHub Copilot or even DAX Copilot.
第二個外在約束,我們顯然遇到了很多外在約束,因為這個需求都出現得很快,對嗎?我的意思是,如果你想想這一代最熱門的產品,所有這些都在我們的雲端中,對吧,無論是 ChatGPT,無論是 Copilot,無論是 GitHub Copilot 還是 DAX Copilot。
I mean pick the top four or five products of this generation. They're all sort of in and around our ecosystem. And so therefore, we ran into a set of constraints, which are everything because DCs don't get built overnight.
我的意思是選出這一代中排名前四或五的產品。它們都存在於我們的生態系統之內和周圍。因此,我們遇到了一系列限制,這些限制就是一切,因為資料中心不是一朝一夕就能建成的。
So there is DCs. There is power. And so that's sort of been the short-term constraint. Even in Q2, for example, some of the demand issues we have -- or our ability to fulfill demand is because of, in fact, external third-party stuff that we leased moving out. So that's the constraints we have.
所以就有了DC。有力量。所以這就是短期的限制。例如,即使在第二季度,我們遇到的一些需求問題 - 或者我們滿足需求的能力實際上是因為我們租賃的外部第三方東西搬走了。這就是我們所面臨的限制。
But in the long run, we do need effectively power, and we need DCs. And some of these things are more long lead. But I feel pretty good that going into the second half of even this fiscal year, that some of that supply/demand will match up.
但從長遠來看,我們確實需要有效的電力,我們需要 DC。其中一些東西的領先時間更長。但我感覺很好,即使進入本財年下半年,部分供需也會匹配。
Operator
Operator
Brent Thill, Jeffries.
布倫特·希爾,杰弗里斯。
Brent Thill - Analyst
Brent Thill - Analyst
Amy, good to hear the reacceleration in the back half for Azure. I guess many are asking, 34% growth in Q1 falling to low-30s. I know the comp is a couple of points harder. But is there anything else you're contemplating in that guide for Q2 to see that deceleration other than a tougher comp? Thank you.
艾米,很高興聽到蔚藍後半段重新加速。我想很多人都在問,第一季 34% 的成長率跌至 30% 左右。我知道比賽要困難幾分。但是,除了更艱難的比賽之外,您在第二季度的指南中還有其他考慮來看到減速嗎?謝謝。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
Thanks, Brent. Maybe this is a great question because I can sort of reiterate some of the points I made and tie them together a little bit. In Q1, the 34% in CC, we talked about that upside versus the 33% that we had guided to was primarily due to some revenue recognition benefits.
謝謝,布倫特。也許這是一個很好的問題,因為我可以重申我提出的一些觀點,並將它們稍微連結起來。在第一季度,CC 為 34%,我們談到了與我們指導的 33% 相比的上升主要是由於一些收入確認的好處。
And so I think about that on a sort of a pure consumption basis and AI as being 33%. And you think about 1 point or 2 of decel that we've guided to, and the majority of that is due to, unfortunately, some supply pushouts that I mentioned and then Satya reiterated in terms of AI supply coming online that we counted on.
因此,我認為在某種純粹的消費基礎上,人工智慧的比例為 33%。你想想我們引導的 1 點或 2 點減速,不幸的是,這主要是由於我提到的一些供應推出,然後薩蒂亞重申了我們所指望的人工智慧供應上線。
The underlying consumption growth is stable Q1 to Q2. And so to your question on some ins and outs, it is certainly some ins and outs. I do, as you heard, have confidence, as we get a good influx of supply across the second half of the year particularly on the AI side, that we'll be better able to do some supply-demand matching and hence, while we're talking about acceleration in the back half.
第一至第二季消費基礎成長穩定。所以對於你關於一些來龍去脈的問題,這肯定是一些來龍去脈。正如你所聽到的,我確實有信心,因為我們在下半年特別是在人工智慧方面獲得了良好的供應湧入,我們將能夠更好地進行一些供需匹配,因此,雖然我們我們談論的是後半段的加速。
I'll also take the opportunity to say, when you see usage in AI workloads, we always intend to think about that as just a GPU exercise. The importance of having GPUs and CPUs be able to run these workloads is also important. So that's a piece of the acceleration in H2 as well.
我還要藉此機會說,當你看到人工智慧工作負載中的使用時,我們總是打算將其視為只是 GPU 練習。讓 GPU 和 CPU 能夠運作這些工作負載也很重要。這也是 H2 加速的一部分。
Operator
Operator
Mark Moedler, Bernstein.
馬克‧莫德勒,伯恩斯坦。
Mark Moerdler - Analyst
Mark Moerdler - Analyst
Congratulations on the quarter. The question every investor obviously asks is a question on the CapEx growth and the CapEx spend. Obviously, half of that facility is an equivalent that have a longer life, but the other half is the rest of the components.
恭喜本季。每個投資者顯然都會問的問題是關於資本支出成長和資本支出支出的問題。顯然,該設施的一半是具有更長壽命的等效設備,但另一半是其餘組件。
Can you give any color on how you think of that growth? Does it return to the traditional approach, where basically CapEx is going to grow in line or slightly slower than cloud revenue? And if so, any sense of the timing? Do we have enough facilities online by sometime next year, et cetera? Any color would be appreciated.
您能對這種成長有何看法嗎?它是否會回歸傳統方法,即資本支出基本上將與雲端收入同步或略慢地增長?如果是的話,有什麼時間安排嗎?到明年某個時候,我們是否有足夠的線上設施,等等?任何顏色都會受到讚賞。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
Thanks, Mark. I think in some ways, it's helpful to go back to the cloud transition that we worked on over a decade ago, I think, in the early stages. And what you did see, and you'll see us do in the same time is you have to build to meet demand.
謝謝,馬克。我認為在某些方面,回到我們十多年前在早期階段進行的雲端轉型是有幫助的。您確實看到了,您也會看到我們同時所做的是,您必須進行建造才能滿足需求。
Unlike the cloud transition, we're doing it on a global basis in parallel as opposed to sequential given the nature of the demand. And then as long as we continue to see that demand grow, you're right, the growth in CapEx will slow and the revenue growth will increase. And those two things, to your point, get closer and closer together over time. The pace of that entirely depends really on the pace of adoption.
與雲端轉型不同的是,考慮到需求的性質,我們是在全球範圍內並行進行的,而不是順序進行的。只要我們繼續看到需求成長,你是對的,資本支出的成長就會放緩,收入的成長就會增加。就你而言,這兩件事隨著時間的推移變得越來越接近。其速度完全取決於採用的速度。
And to Satya's point, some of that spend goes towards building the next training infrastructure so you won't see all of it in COGS. Some of it goes to OpEx when you're spending it on training. But in general, that's a healthy way to think about the balance as that over time does do and should, like the last cycle, get closer together.
對於 Satya 來說,其中一些支出將用於建造下一個培訓基礎設施,因此您不會在 COGS 中看到所有這些支出。當您將其用於培訓時,其中一些會用於營運支出。但總的來說,這是一種思考平衡的健康方式,因為隨著時間的推移,平衡確實會並且應該像上一個週期一樣變得更加接近。
Operator
Operator
Karl Keirstead, UBS.
卡爾凱斯特德,瑞銀集團。
Karl Keirstead - Analyst
Karl Keirstead - Analyst
I'm actually not going to ask a question about the numbers, but Satya and Amy, I'd love to ask a question about OpenAI. Since the print three months ago, we, investors have been hit with a torrent of media stories about OpenAI and Microsoft.
實際上我不會問有關數字的問題,但 Satya 和 Amy,我很想問有關 OpenAI 的問題。自從三個月前發布以來,我們投資者就被大量有關 OpenAI 和微軟的媒體報道所震驚。
And I'd love to give Microsoft an opportunity to frame the relationship. It seems to me it's critically important. But we have been, I think, everyone on the line, picking up signals that perhaps Microsoft wants to diversify somewhat at the model layer and offer customers choice. So Satya, I'd love to get your framing of the relationship.
我很願意給微軟一個機會來建構這種關係。在我看來,這至關重要。但我認為,我們每個人都在接收訊號,表明微軟可能希望在模型層實現某種程度的多樣化並為客戶提供選擇。所以薩蒂亞,我很想聽聽你對這段關係的描述。
And then in terms of the numbers, maybe this is a little bit more for you, Amy. But how does Microsoft manage the demands on CapEx from helping OpenAI with its scaling ambitions? And how do you manage the impact on other income that you just gave us some color on?
然後就數字而言,也許這對你來說有點多,艾米。但是,微軟如何透過幫助 OpenAI 實現其擴展目標來滿足資本支出的需求呢?您如何管理您剛剛向我們介紹的對其他收入的影響?
Satya Nadella - Chairman of the Board, Chief Executive Officer
Satya Nadella - Chairman of the Board, Chief Executive Officer
Sure. Thanks, Karl. So I'd say, first, the partnership for both sides, that's OpenAI and Microsoft, has been super beneficial. After all, we effectively sponsored what is one of the most highest-valued private companies today when we invested in them and really took a bet on them and their innovation four, five years ago. And that has led to great success for Microsoft. That's led to great success for OpenAI. And we continue to build on it, right?
當然。謝謝,卡爾。所以我想說,首先,OpenAI 和微軟雙方的合作關係是非常有益的。畢竟,四五年前,當我們投資並真正押注於它們及其創新時,我們有效地贊助了當今價值最高的私人公司之一。這為微軟帶來了巨大的成功。這為 OpenAI 帶來了巨大的成功。我們將繼續在此基礎上繼續發展,對吧?
So we serve them with world-class infrastructure on which they do their innovation in terms of models, on top of which we innovate on both the model layer with some of the post-training stuff we do as well as some of the small models we build and then, of course, all of the product innovation, right?
因此,我們為他們提供世界一流的基礎設施,他們可以在模型方面進行創新,在此基礎上,我們在模型層上進行創新,包括我們所做的一些訓練後工作以及我們所做的一些小型模型。
One of the things that my own sort of conviction of OpenAI and what they were doing came about when I started seeing something like GitHub Copilot as a product get built or DAX Copilot get built or M365 Copilot get built. So we have a fantastic portfolio of innovation that we build on top of that.
當我開始看到像 GitHub Copilot 這樣的產品被建構出來,或者 DAX Copilot 被建構出來,或者 M365 Copilot 被建構出來時,我自己對 OpenAI 以及他們所做的事情的信念就產生了。因此,我們在此基礎上建構了一系列出色的創新產品。
And the same also, I would say, we are investors. We feel very, very good about sort of our investment stake in OpenAI. And so our focus -- and we're always in constant dialogue with them in a partnership like this where both sides have achieved mutual success at the pace at which we've achieved it. That means we need to kind of push each other to do more, to capture the moment, and that's what we plan to do, and we intend to keep building on it.
我想說,我們也是投資者。我們對 OpenAI 的投資感到非常非常滿意。因此,我們的重點是──我們總是在這樣的夥伴關係中與他們進行持續對話,雙方都以我們實現目標的速度取得了共同的成功。這意味著我們需要互相推動去做更多的事情,捕捉這一時刻,這就是我們計劃要做的,並且我們打算在此基礎上繼續努力。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
And maybe to your other two questions, Karl, listen, I'm thrilled with their success and need for supply from Azure and infrastructure and really what it's meant in terms of being able to also serve other customers for us. It's important that we continue to invest capital to meet not only their demand signal and needs for compute but also from our broader customers. That's partially why you've seen us committing the amount of capital we've seen over the past few quarters, is our commitment to both grow together and for us to continue to grow the Azure platform for customers beyond them.
也許對於你的另外兩個問題,Karl,聽著,我對他們的成功以及對 Azure 和基礎設施的供應的需求以及能夠為我們的其他客戶提供服務的真正含義感到興奮。重要的是,我們要繼續投資資金,不僅要滿足他們的需求訊號和運算需求,還要滿足更廣泛的客戶的需求。這就是我們在過去幾季投入大量資金的部分原因,我們致力於共同成長,並持續為客戶以外的客戶發展 Azure 平台。
And so I don't really think of it as how do you balance it. It's just we have customers who have needs and real use cases and delivering value today. And if we can't meet that, we need to work to meet it. And that means working harder and faster to make sure we do that, which is what the team is committed to do.
所以我並不真正認為如何平衡它。只是我們的客戶有需求、有實際用例並能在今天提供價值。如果我們無法實現這一目標,我們就需要努力實現這一目標。這意味著我們要更加努力、更快地工作,以確保我們做到這一點,這也是團隊致力於做的事情。
Second piece of your question, I think, was on the impact to other income. And not to get too accounting heavy on the earnings phone call, but I would say, just a reminder, this is under the equity method, which means we just take our percentage of losses every quarter. And those losses, of course, are capped by the amount of investment we make in total, which we did talk about in the Q this quarter as being $13 billion.
我認為你的第二個問題是對其他收入的影響。不要在財報電話會議上過於重視會計,但我想說,只是提醒一下,這是按照權益法計算的,這意味著我們只計算每季的虧損百分比。當然,這些損失受到我們總投資額的限制,我們在本季的季度中確實談到了 130 億美元。
And so over time, that's just the constraint, and it's a bit of a mechanical entry. And so I don't really think about managing that. That's the investment and acceleration that OpenAI is making in themselves, and we take a percentage of that.
所以隨著時間的推移,這只是一個限制,而且有點機械化。所以我並沒有真正考慮過管理這個問題。這就是 OpenAI 本身進行的投資和加速,我們從中抽取一定比例。
Operator
Operator
Kash Rangan, Goldman Sachs.
卡什·蘭根,高盛。
Kash Rangan - Analyst
Kash Rangan - Analyst
Satya, when you talked about the investment cycle, these models are getting bigger, more expensive, but you also pointed out to how in the inference phase, we're likely to get paid. How does that cycle look like in inference for Microsoft? Where are the products and the applications that will show up on the Microsoft P&L as a result of the inference phase of AI kicking in?
Satya,當您談到投資週期時,這些模型變得越來越大、越來越昂貴,但您也指出了在推理階段我們如何可能獲得報酬。 Microsoft 的推理週期如何?由於人工智慧推理階段的啟動,將在 Microsoft 損益表中顯示的產品和應用程式在哪裡?
Satya Nadella - Chairman of the Board, Chief Executive Officer
Satya Nadella - Chairman of the Board, Chief Executive Officer
Thanks, Kash. I mean the good news for us is that we're not waiting for that inference to show up, right? If you sort of think about the point we even made that this is going to be the fastest growth to $10 billion of any business in our history, it's all inference, right?
謝謝,卡什。我的意思是對我們來說好消息是我們不會等待這個推論出現,對嗎?如果你想想我們甚至提出的觀點,即這將是我們歷史上成長最快的業務,達到 100 億美元,那麼這都是推論,對嗎?
One of the things that may not be as evident is that we're not actually selling raw GPUs for other people to train. In fact, that's sort of a business we turn away because we have so much demand on inference that we are not taking what I would -- in fact, there's a huge adverse selection problem today where people -- it's just a bunch of tech companies still using VC money to buy a bunch of GPUs.
可能不那麼明顯的一件事是,我們實際上並不是在出售原始 GPU 供其他人訓練。事實上,我們會拒絕這樣的業務,因為我們對推理的需求如此之大,以至於我們沒有採取我想要的方式——事實上,今天存在一個巨大的逆向選擇問題,人們——這只是一群科技公司還在用VC的錢買一堆GPU。
We kind of really are not even participating in most of that because we are literally going to the real demand, which is in the enterprise space or our own products like GitHub Copilot or M365 Copilot. So I feel the quality of our revenue is also pretty superior in that context.
我們實際上甚至沒有參與其中的大部分,因為我們實際上是在滿足真正的需求,這是在企業領域或我們自己的產品,例如 GitHub Copilot 或 M365 Copilot。所以我覺得在這方面我們的收入品質也相當出色。
And that's what gives us even the conviction, to even Amy's answers previously, about our capital spend, is if this was just all about sort of a bunch of people training large models and that was all we got, then that would be ultimately still waiting, to your point, for someone to actually have demand, which is real. And in our case, the good news here is we have a diversified portfolio. We're seeing real demand across all of that portfolio.
這就是讓我們相信,甚至艾米之前關於我們的資本支出的答案,如果這只是一群人訓練大型模型,而這就是我們所得到的,那麼最終仍然會等待就你的觀點而言,某人確實有需求,這是真實的。就我們而言,好消息是我們擁有多元化的投資組合。我們看到所有該產品組合都有真正的需求。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
And Kash, maybe just to add a little bit to what Satya is saying. I think a part of his two answers is that what you're seeing is this number we're talking about, the $10 billion, across inference and our apps is already what that momentum and that investment and that progress and that revenue is what builds the next cycle of training, right?
卡什(Kash)也許只是為了補充薩蒂亞(Satya)所說的一點內容。我認為他的兩個答案的一部分是,你所看到的是我們正在談論的這個數字,即 100 億美元,透過推論和我們的應用程式已經是這種動力、投資、進步和收入所建立的下一個週期的訓練,對嗎?
And so it's that circle as opposed to, oh, we're doing training now and then inference. Much of the training investments that are -- that fuel this revenue growth came before, and we already funded that work. And so that's an important part.
所以這就是那個圓圈,而不是,哦,我們時不時地進行訓練,然後進行推理。推動收入成長的大部分培訓投資都是之前進行的,我們已經為這項工作提供了資金。所以這是一個重要的部分。
Kash Rangan - Analyst
Kash Rangan - Analyst
That's, to your point, that you invest now and you can get the growth later even if you slow down the CapEx, right? That's what you're trying to tell us.
就您而言,這就是說,您現在投資,即使放慢資本支出,也可以在以後獲得成長,對吧?這就是你想告訴我們的。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
That's the cycle that is important to understand.
這就是理解這個循環很重要的一點。
Operator
Operator
Mark Murphy, JPMorgan.
馬克墨菲,摩根大通。
Mark Murphy - Analyst
Mark Murphy - Analyst
I'm wondering if you can shed any more light just on the nature of the supply limitations that you're mentioning that are impacting Azure in Q2, where that impact might be incrementally just a touch more than we expected. Is it more the GPU supply? Is there some element of power cooling or the ability to wire up the networks?
我想知道您是否可以進一步闡明您提到的第二季度影響 Azure 的供應限制的性質,這種影響可能會比我們的預期稍微多一點。 GPU 供應更多嗎?是否有一些電源冷卻元素或連接網路的能力?
And Amy, should we infer that the supply is constraining Azure growth by roughly a couple of few points in Q2? Or am I overestimating that?
艾米,我們是否應該推斷第二季的供應量將 Azure 的成長限制了約幾個百分點?還是我高估了這一點?
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
Maybe to answer both those questions, Mark, very directly, I wouldn't think about it component logic in my Q2 answer. The supply pushout, as Satya said, was third parties that are delivering later than we had expected, that get pushed mainly into the second half of the year and in general, Q3. So that's third parties where we have tended to buy supply inclusive of kits, so it's complete end-to-end third-party delivery.
也許要非常直接地回答這兩個問題,馬克,我不會在第二季的答案中考慮它的組件邏輯。正如薩蒂亞所說,供應延遲是第三方的交付晚於我們的預期,主要被推遲到今年下半年,一般來說是第三季。因此,我們傾向於從第三方購買包括套件在內的供應,因此這是完整的端到端第三方交付。
In terms of the impact, as I was saying, when you think about having flat consumption Q1 to Q2, there really are only two things that impact that difference, and 1 was the help we got in Q1 from the revenue and accounting help. And then Q2 has been the supply pushout.
就影響而言,正如我所說,當您考慮第一季到第二季度的消費持平時,實際上只有兩件事會影響這種差異,1 是我們在第一季從收入和會計幫助中獲得的幫助。然後第二季是供應推出。
Operator
Operator
Raimo Lenschow, Barclays.
雷莫‧倫肖 (Raimo Lenshow),巴克萊銀行。
Raimo Lenschow - Analyst
Raimo Lenschow - Analyst
If you talk about the market at the moment -- because you were first with Copilot, you had identified a lot with copilots and now we're talking agents. Can you kind of -- Satya, how do you think about that? And to me, it looks like an evolution that we're discovering how to kind of productize AI better, et cetera. So how do you think about that journey between copilots, agents and maybe what's coming next?
如果你現在談論市場——因為你首先是副駕駛,你已經與副駕駛確定了很多東西,現在我們正在談論代理商。你能不能-Satya,你對此有何看法?對我來說,這看起來像是一種進化,我們正在發現如何更好地產品化人工智慧等等。那麼您如何看待副駕駛、特工之間的這段旅程以及接下來會發生什麼?
Satya Nadella - Chairman of the Board, Chief Executive Officer
Satya Nadella - Chairman of the Board, Chief Executive Officer
Sure. The system we have built is Copilot, Copilot Studio, agents and autonomous agents. You should think of that as the spectrum of things, right? So ultimately, the way we think about how this all comes together is you need humans to be able to interface with AI.
當然。我們建構的系統是Copilot、Copilot Studio、代理程式和自主代理程式。你應該將其視為事物的範圍,對嗎?所以最終,我們思考這一切如何結合在一起的方式是,你需要人類能夠與人工智慧互動。
So the UI layer for AI is Copilot. You can then use Copilot Studio to extend Copilot. For example, you want to connect it to your CRM system, to your office system, to your HR system. You do that through Copilot Studio by building agents effectively. You also build autonomous agents. So you can use even -- that's the announcement we made a couple of weeks ago, is you can even use Copilot Studio to build autonomous agents.
因此,AI 的 UI 層是 Copilot。然後,您可以使用 Copilot Studio 來擴充 Copilot。例如,您希望將其連接到您的 CRM 系統、您的辦公室系統、您的 HR 系統。您可以透過 Copilot Studio 有效建立代理來實現這一點。您也可以建立自主代理。所以你甚至可以使用——這是我們幾週前發布的公告,你甚至可以使用 Copilot Studio 來建立自主代理。
Now these autonomous agents are working independently, but from time to time, they need to raise an exception, right? So autonomous agents are not fully autonomous because, at some point, they need to either notify someone or have someone input something. And when they need to do that, they need a UI layer, and that's where, again, it's Copilot.
現在這些自治代理正在獨立工作,但有時他們需要提出例外,對嗎?因此,自主代理並不是完全自主的,因為在某些時候,他們需要通知某人或讓某人輸入某些內容。當他們需要這樣做時,他們需要一個 UI 層,而這正是 Copilot 的所在。
So Copilot, Copilot agents built-in Copilot Studio, autonomous agents built in Copilot Studio, that's the full system, we think, that comes together, and we feel very, very good about the position. And then, of course, we are taking the underlying system services across that entire stack that I just talked about, making it available in Azure, right?
因此,Copilot、Copilot 代理程式內建在 Copilot Studio 中,自治代理內建於 Copilot Studio 中,我們認為這就是完整的系統,它們組合在一起,我們對這個職位感覺非常非常好。然後,當然,我們將在我剛才談到的整個堆疊中採用底層系統服務,使其在 Azure 中可用,對吧?
So you have the raw infrastructure if you wanted. You have the model layer independent of it. You have the AI app server in Azure AI, right? So everything is also a building block service in Azure for you to be able to build. In fact, if you want to build everything that we have built in the Copilot stack, you can build it yourself using the AI platform. So that's sort of, in simple terms, our strategy, and that's kind of how it all comes together.
因此,如果您願意,您可以擁有原始基礎設施。您擁有獨立於它的模型層。您在 Azure AI 中有 AI 應用程式伺服器,對嗎?因此,一切都是 Azure 中的建置區塊服務,供您建置。事實上,如果您想建立我們在 Copilot 堆疊中建立的所有內容,您可以使用 AI 平台自行建置。簡單來說,這就是我們的策略,這就是這一切的結合方式。
Operator
Operator
Rishi Jaluria, RBC.
Rishi Jaluria,加拿大皇家銀行。
Rishi Jaluria - Analyst
Rishi Jaluria - Analyst
Appreciate the question. I want to go and think a little bit about Copilot, how we should be thinking about kind of numbers here with the recategorization. It seems like that was maybe softer in the past than expected or maybe with the numbers this quarter starting to pick up.
感謝這個問題。我想去思考一下副駕駛,我們應該如何考慮重新分類的數字類型。過去的情況似乎可能比預期要軟,或者可能是隨著本季的數字開始回升。
Can you maybe walk us through what you're seeing on that and maybe more importantly, how we should be thinking about your overall AI strategy on consumer versus enterprise, especially now with [the stuff] on the fold? Thanks so much.
您能否向我們介紹一下您所看到的情況,也許更重要的是,我們應該如何考慮您針對消費者與企業的整體人工智慧策略,尤其是現在[這些東西]已經上市?非常感謝。
Satya Nadella - Chairman of the Board, Chief Executive Officer
Satya Nadella - Chairman of the Board, Chief Executive Officer
Yeah. On the first part, Rishi, to your question, I think we feel very, very good about the momentum we have in the commercial Copilot, right? As I said in my remarks and Amy talked about, this is the fastest growth of a new suite in M365.
是的。關於第一部分,Rishi,對於你的問題,我認為我們對商業副駕駛的勢頭感到非常非常好,對嗎?正如我在演講中和艾米談到的,這是 M365 中成長最快的新套件。
If I compare it to what we saw even back -- way back in E3 or E5 or the transition from O to M, this is really much faster, right? It's the numbers of penetration of the Fortune 500 and then the fact that they're coming back for more seats and what have you. So it's very strong in that context.
如果我將它與我們在 E3 或 E5 或從 O 到 M 的過渡中看到的情況進行比較,這確實要快得多,對嗎?這是財富 500 強企業的滲透率,然後是他們回來爭取更多席位以及你擁有什麼。所以它在這種情況下非常強大。
The other thing I'd also mention is that we want this to be something that is systemic, right, because people need to be able to put the security controls. Then they need to deploy. Then there's skilling, and then there's change management. So this is not like you just -- it's not a tool.
我還要提到的另一件事是,我們希望這是系統性的,對吧,因為人們需要能夠進行安全控制。然後他們需要部署。然後是技能,然後是變革管理。所以這和你不一樣——它不是一個工具。
Like when I talk about Copilot, Copilot Studio, agents, it's really as much about a new way to work. And sometimes I describe it as what happened throughout the '90s with PC penetration. After all, if you take a business process like forecasting, what was it like pre-email and Excel and post e-mail and Excel? That's the type of change that you see with Copilot. But overall, we feel great about the rate of progress and the penetration.
就像當我談論 Copilot、Copilot Studio、代理商時,這實際上是一種新的工作方式。有時我將其描述為整個 90 年代 PC 普及化所發生的事情。畢竟,如果您採用預測等業務流程,那麼預先發送電子郵件和 Excel 以及後發送電子郵件和 Excel 是什麼樣的情況?這就是您在 Copilot 上看到的變化。但總體而言,我們對進展速度和滲透率感到滿意。
And then on the consumer side, look, for us, the exciting part here is to be able to use the same investment we are making in the commercial where we have structural strength and then beyond the offense. One of the things that, I think, I hope you all catch in our earnings is ex TAC.
然後在消費者方面,對我們來說,令人興奮的部分是能夠利用我們在商業領域所做的相同投資,我們擁有結構性實力,然後超越進攻。我想,我希望大家都能從我們的收益中了解到的一件事是前 TAC。
Our revenue, when it comes to what we describe as search, news and ads, is growing faster than market. So it's fantastic to see that. And so that's kind of our consumer business, which in Microsoft's large scope, it's sort -- even a $10-plus billion business sort of sometimes go missing.
當涉及到我們所說的搜尋、新聞和廣告時,我們的收入成長速度快於市場。所以很高興看到這一點。這就是我們的消費者業務,在微軟的大範圍內,即使是價值 10 多億美元的業務有時也會消失。
But in our case, it is actually a fantastic growth business that's growing faster than market. We feel good about how we will use AI in LinkedIn. In fact, LinkedIn is a consumer business as you know. You saw even this week, they announced some new capabilities for both consumers, and in their case, even recruiting. So we think that AI, the same investment gets monetized even through LinkedIn's innovation.
但就我們而言,它實際上是一個出色的成長業務,其成長速度快於市場。我們對如何在 LinkedIn 中使用人工智慧感到滿意。事實上,如您所知,LinkedIn 是一家消費者企業。你甚至在本週就看到,他們為消費者宣布了一些新功能,就他們而言,甚至包括招募。因此,我們認為人工智慧,同樣的投資,即使透過 LinkedIn 的創新也能貨幣化。
And gaming, of course, is another place where you'll see some of these things apply and Windows, right? So the place where I think I'm excited about is Copilot+ PCs. For us, it's not about having a disconnected edge. It's about having hybrid AI where the rebirth of sort of the PC as the edge of AI is going to be one of the most exciting things for developers. So we feel well positioned, quite frankly, with the same investment.
當然,遊戲是您會看到其中一些內容適用的另一個地方,Windows 也適用,對嗎?因此,我認為令我興奮的地方是 Copilot+ PC。對我們來說,這並不是要擁有一個斷開的邊緣。這是關於混合人工智慧,其中個人電腦作為人工智慧邊緣的重生將成為開發人員最興奮的事情之一。因此,坦白說,在同樣的投資下,我們感覺自己處於有利地位。
So that's the thing. We're not a conglomerate here. We are sort of one company. That means we invest once, and then we have all these categories that benefit from that. And that's the theory of the firm for us. And so we feel good about all of that coming together.
就是這樣。我們這裡不是一家企業集團。我們是一家公司。這意味著我們投資一次,然後我們所有這些類別都可以從中受益。這就是我們公司的理論。所以我們對所有這些結合在一起感覺很好。
Amy Hood - Chief Financial Officer, Executive Vice President
Amy Hood - Chief Financial Officer, Executive Vice President
And maybe just to add one piece because I think, Rishi, now that I'm listening and thinking through the question, it feels like you're wondering, like why am I not seeing the Copilot, if you've made all this progress and the results, and the answer is you already are.
也許只是添加一點,因為我想,Rishi,現在我正在傾聽並思考這個問題,感覺你在想,例如為什麼我沒有看到副駕駛,如果你已經取得了所有這些進展和結果,答案是你已經是了。
In that M365 commercial number, we've seen that seat growth, but those seats that we're adding, the majority of them are driven by frontline worker and small businesses. Those have a lower ARPU point. And so it masks some of the ARPU that we're already seeing not just from E5, which continues to contribute, but also this quarter, additional impact from Copilot.
在 M365 商業號碼中,我們看到了座位的成長,但我們增加的座位大部分是由第一線工人和小型企業推動的。這些的 ARPU 點較低。因此,它掩蓋了我們已經看到的一些 ARPU,不僅來自 E5(它繼續貢獻),而且還來自本季度 Copilot 的額外影響。
So as we go forward, being able -- that is where you're going to see the impact will be in ARPU in M365 commercial, and as Satya said, I think you'll see the impact of Copilot engagement, frankly, across the same ex TAC number.
因此,隨著我們前進,能夠——這就是您將在 M365 廣告中看到 ARPU 的影響,正如 Satya 所說,坦率地說,我認為您將看到副駕駛參與度對整個行業的影響。相同的前TAC 號碼。
Brett Iversen - Vice President, Investor Relations
Brett Iversen - Vice President, Investor Relations
Thanks, Rishi. That wraps up the Q&A portion of today's earnings call. Thank you for joining us today, and we look forward to speaking with all of you again soon.
謝謝,里希。今天的財報電話會議的問答部分就到此結束。感謝您今天加入我們,我們期待很快再次與大家交談。
Operator
Operator
Thank you. This concludes today's conference. You may disconnect your lines at this time.
謝謝。今天的會議到此結束。此時您可以斷開線路。