Microsoft 股价盘后上涨约 4%，Azure 营收同比增长 48% 至 $33.2B，高于分析师 $32.3B 的预期。该季度数据中心支出达 $45.2B，低于自身超 $50B 的预期，致自由现金流同比下降 27% 至 $18.6B；合同未来营收达 $677B，同比增长 73%，并面向美加英印最多 60,000 名员工提供买断以控制成本。
原文给出 Azure 营收、资本开支与买断裁员等关键数字，可据此理解 Microsoft AI 扩张背后的成本压力。
Microsoft shares rose about 4% in after-hours trading after Azure revenue grew 48% year on year to $33.2B, beating analysts’ $32.3B forecast.
> Data center spending reached $45.2B in the quarter, below Microsoft’s own forecast of more than $50B because of construction delays, and cut free cash flow 27% year on year to $18.6B.
> Contracted future revenue reached $677B, up 73% year on year but slightly below the previous quarter’s $678B, and Microsoft gave no update on paid Copilot seats, last reported at 30M in July.
> Microsoft is offering buyouts to up to 60,000 employees in the US, Canada, UK and India to control costs as AI infrastructure spending climbs, after headcount already fell 2% year on year.
来源：Rohan Paul · x.com