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Microsoft(MSFT)2020Q4決算 ガイダンスをミス


・発表日 2020/7/22 post-market
・売上 $38.03B +12.8% コンセンサス予想より+$1.48B
GAAP EPS $1.46 -14.6% コンセンサス予想より+$0.09
GAAP net income $11.2B
・gross margin $25.69B +10.2%
・2021Q1 予想売上 $34.95〜36.05B(コンセンサス予想 $35.83B)
・決算発表後の株価 post-marketで-2.34%

・2021FYコンセンサス予想PER 211.75/6.24=33.93
・2022FYコンセンサス予想PER 211.75/7.07=29.95

コロナの影響で、small and medium business weaknessはしばらく継続するだろうとのコメントがありました。

Now, let’s move to our next quarter outlook. In our commercial business, given our differentiated position in growth markets, we expect continued commitment to our cloud platform, as well as strong usage and consumption growth. In our consumer business, we expect some continued benefit from work, learn, and play from home scenarios in Gaming and Surface, though at a more moderated rate as stay-at-home guidelines ease in many places around the world. However, we expect the small and medium business weakness we saw in Q4 to continue, which will impact transactional sales, primarily in Office and Windows OEM.


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 $11.8B +6%(為替を除くと+8%) 利益 $3.97B -8.5%

Office Commercial Products 売上 +5%(為替を除くと+7%

Office 365 Commercial 売上 +19%(為替を除くと+22%

Office Consumer Products 売上 +6%(為替を除くと+7%

LinkedIn 売上 +10%(為替を除くと+11%

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

Dynamics 365 売上 +38%(為替を除くと+40%

「Intelligent Cloud」

売上 $13.4B +17%(為替を除くと+19%) 利益$5.34B +18.7%

Azure 売上 +47%(為替を除くと+50%

「More Personal Computing」

売上 $12.9B +14%(為替を除くと+16%) 利益$4.09B +14.9%

Windows Commercial products 売上 +9%(為替を除くと+11%

Surface 売上 +28%(為替を除くと+30%

Xbox content and services 売上 +65%(為替を除くと+68%


Productivity and Business Process 予想売上 $11.65〜11.9B

Intelligent Cloud 予想売上 $12.35〜12.8B

More Personal Computing 予想売上 $10.95〜11.35B


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