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Microsoft(MSFT)2019Q3決算 好決算


・発表日 2019/4/24 アフターマーケット
・売上 $30.6B +14.1% コンセンサス予想より+$740M
GAAP EPS $1.14 +20% コンセンサス予想より+$0.14
GAAP net income $8.8B
2019Q2 予想売上 $32.2B〜32.9B(コンセンサス予想 $32.63B)
・決算発表後の株価 アフターマーケットで+3.63%
・2019FYコンセンサス予想PER 125.01/4.42=28.28
・2020FYコンセンサス予想PER 125.01/4.97=25.15


In Productivity and Business Processes, we expect revenue between $10.55 billion and $10.75 billion. The Office commercial revenue growth rate will be slightly down sequentially as is normal for Q4 due to the high mix of cloud billings during this quarter. As a reminder, under ASC 606, a higher mix of cloud billings is reflected in more unearned revenue and less in-period revenue recognition. Dynamics should see another quarter of double-digit revenue growth driven by Dynamics 365. LinkedIn revenue growth should be in the low 20’s against a high prior year comparable.

In Intelligent Cloud, we expect revenue between $10.85 billion and $11.05 billion. In Azure, we expect continued strong growth in our consumption-based business and moderating growth in our per-user business given the increasing in size of the installed base. In our on-premises server business, demand for our hybrid solutions and premium offerings should remain strong, and we expect continued benefit from the upcoming end of support for Windows Server and SQL Server 2008, though as a reminder, the prior year comparable will impact the year over year growth rate.

In More Personal Computing, we expect revenue between $10.8 billion and $11.1 billion. In Windows, overall OEM growth rates should normalize, with revenue growth roughly in line with the PC market. In Surface, we expect low double-digit growth, with continued momentum across our commercial and consumer segments. In Search ex-Tac, we expect revenue growth similar to Q3. And in Gaming, we expect revenue to decline year over year, driven by the tough comparable in Xbox software and services and the continuation of the hardware trends from Q3.

Microsoft Corporation (MSFT) CEO Satya Nadella on Q3 2019 Results - Earnings Call Transcript | Seeking Alpha


セグメントは「Productivity and Business Processes(Office365など)」「Intelligent Cloud(Azureなど)」「More Personal Computing(Surfaceなど)」です。 

「Productivity and Business Processes」売上 $10.2B +14%(為替を除くと+15%)、利益 $3.97B +27.7%

Office Commercial Products 売上 +12%(為替を除くと+14%

Office 365 Commercial 売上 +30%(為替を除くと+31%

Office Consumer Products 売上 +8%(為替を除くと+10%

LinkedIn 売上 +27%(為替を除くと+29%

Dynamics products and commercial services 売上 +13%(為替を除くと+15%

Dynamics 365 売上 +43%(為替を除くと+44%

「Intelligent Cloud」売上 $9.7B +22%(為替を除くと+24%)、利益$3.2B +20.8%

Azure 売上 +73%(為替を除くと+75%

「More Personal Computing」売上 $10.7B +8%(為替を除くと+9%)、利益$3.15B +25%

Windows Commercial products and cloud services 売上 +18%(為替を除くと+20%

Surface 売上 +21%(為替を除くと+25%

Gaming 売上 +5%(為替を除くと+7%


Productivity and Business Process 予想売上 $10.55〜10.75B

Intelligent Cloud 予想売上 $10.85〜11.05B

More Personal Computing 予想売上 $10.8〜11.1B



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