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Seguimiento y resultados de Microsoft (MSFT)

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Seguimiento y resultados de Microsoft (MSFT)
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Seguimiento y resultados de Microsoft (MSFT)
#1

Seguimiento y resultados de Microsoft (MSFT)

Este hilo es para llevar el seguimiento de la acción de Microsoft (MSFT), aprovecho para dejar lo más destacado de los resultados 4Q 2019.

Microsoft presentó ayer los resultados de su cuatro trimestre fiscal que terminó el 30 de junio.

  • Los  ingresos totales de Microsoft han crecido un 12% respecto del mismo trimestre del año anterior hasta los $33,72B.
  • El crecimiento de los  ingresos de Azure ha sido de un 64% en este cuatro trimestre, que ha disminuido desde el crecimiento del 89% del año anterior.

  • Microsoft también estima que en el próximo trimestre las ventas del  segmento de Intelligent Cloud estarán entre los $10,3B y $10,5B, cuando se estimaba que estas estarían alrededor de los $10,1B.

Después de estos resultados sube un 2,66% en el post-market después de unos buenos resultados. Aunque parezca que hay una desaceleración en el sector cloud, en mi opinión no es preocupante en un sector cada vez más maduro y con más competidores, donde Microsoft sigue siendo el segundo gran player con un 14,6%, frente al líder Amazon Web Services con un 32,8%

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#3

Microsoft hace máximos históricos tras anunciar una recompra de acciones e incremento del dividendo

Hoy Microsoft está haciendo máximos históricos tras anunciar una gran recompra de acciones por valor de 40.000 millones de dólares, notablemente superior a las recompras que nos tiene acostumbrados en el pasado, que suelen rondar los 10.000-20.000 millones de dólares.

Además, también ha anunciado que incrementará el dividendo en este trimestre.

Máximos históricos Microsoft

Responsable de la Comunidad en Rankia y Autor del blog "Salvando mis finanzas" donde cuento cómo, dónde y por qué invierto en bolsa.

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#5

Análisis de Wedgewood Partners

Análisis de Wedgewood Partners
Microsoft
We initiated a new position in Microsoft during the quarter. Microsoft’s sprawling software and services portfolio has sustainable competitive advantages and durable longterm growth prospects, combined with more reasonable valuation as the stock has sold off from its all-time highs due to COVID-19 disruptions. Although the Company ended the  quarter at a +9% weighting in the Russell 1000 Growth Index benchmark, we still believe
Microsoft is a worthy destination for our clients’ portfolios on an absolute basis. Microsoft has a formidable position in productivity software, with between 80% and 90% market share, thanks to the multi decade dominance of Microsoft Office in both commercial and personal end markets. Over the past several years, a substantial portion of the Officeinstalled base has converted from perpetual licenses to subscriptions, yet a still meaningful amount of Microsoft Office revenue remains on perpetual terms. 
We estimate Office 365 subscriptions could generate a two to three times uplift in revenue per user and add an incremental $20 billion in revenue if Microsoft can manage to phase out perpetual licenses over the next several years. In addition, with a cloud-based delivery model, the Company can quickly develop and add new products and services to the Office 365 suite and monetize by adding higher pricing tiers – rather than waiting years at a time for a new product cycle for on-prem deployments. Microsoft’s newfound ability to quickly develop products, helps maintain its position in the productivity market, despite smaller, fast moving competitors. For example, Microsoft Teams is the Company’s business
communication platform that was developed internally over the past few years and officially launched in 2017. Teams has already amassed over 44 million active users to date, with 12 million of those users joining in just the past few weeks, as they seek workfrom-home solutions. Microsoft's ability to develop and deploy quickly should allow the Company to continue to be in the right place at the right time.
Microsoft has done an excellent job entrenching its position as a mission-critical provider of infrastructure software and services, especially with its Azure cloud platform.
Businesses continue to move more workloads onto infrastructure as a service (IaaS) platforms, as IaaS enables more IT flexibility and has lower capital commitments, relative to on-premises hardware and perpetual licenses. Large IaaS offerings, such as Azure, also enable smaller, more sophisticated startups to be more productive, without having to maintain expensive hardware and maintenance headcount. We estimate both on-prem and new market opportunities should continue to drive healthy growth at Azure, where we expect revenues could triple over the next 5 years to between $30 billion and $40 billion, while also displaying substantially better profitability with that scale.
Last, Microsoft’s on-prem Windows server and PC businesses continue to be cash cows that have managed to grow, we estimate, at “GDP”-type rates. While these business lines do not have the secular tailwinds of cloud-based solutions, they continue to be critical investments for on-prem customers and increasingly popular hybrid IT customers. Importantly these customers represent a large installed base that Microsoft can cross-sell existing cloudbased offerings.
We initiated positions in Microsoft after the stock sold off due to a cautious update to its guidance for its Windows OEM business driven by supply chain disruptions in China related to the COVID-19 outbreak. We sold shares in Fastenal to fund the Microsoft purchase, as both have held up similarly well since the market peaked in mid-February.
Both maintain similar forward earnings multiples in the low twenties. However, Microsoft has decidedly more Company-specific growth drivers that can offset the inevitable macroeconomic headwinds that the manufacturing sector will throw at Fastenal after the collapse in oil (which was somewhat unrelated to COVID-19). We will look to continue to add to our Microsoft positions as opportunities present themselves in this volatile environment.
#6

Muy buenos resultados de Microsoft

El último quinquenio de Microsoft se recordará como uno de los mayores turnaround de las big caps americanas. Aquí los resultados

REDMOND, Wash. — April 29, 2020 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2020, as compared to the corresponding period of last fiscal year:

·        Revenue was $35.0 billion and increased 15%


·        Operating income was $13.0 billion and increased 25%


·        Net income was $10.8 billion and increased 22%


·        Diluted earnings per share was $1.40 and increased 23%

“We’ve seen two years’ worth of digital transformation in two months. From remote teamwork and learning, to sales and customer service, to critical cloud infrastructure and security – we are working alongside customers every day to help them adapt and stay open for business in a world of remote everything,” said Satya Nadella, chief executive officer of Microsoft. “Our durable business model, diversified portfolio, and differentiated technology stack position us well for what’s ahead.”


“In this dynamic environment, our sales teams and partners executed a solid third quarter, with Commercial Cloud revenue generating $13.3 billion, up 39% year over year," said Amy Hood, executive vice president and chief financial officer of Microsoft. “We remain committed to balancing operational discipline with continued investments in key strategic areas to drive future growth.”

COVID-19 Impact

In the third quarter of fiscal year 2020, COVID-19 had minimal net impact on the total company revenue.


In the Productivity and Business Processes and Intelligent Cloud segments, cloud usage increased, particularly in Microsoft 365 including Teams, Azure, Windows Virtual Desktop, advanced security solutions, and Power Platform, as customers shifted to work and learn from home. In the final weeks of the quarter, there was a slowdown in transactional licensing, particularly in small and medium businesses, and a reduction in advertising spend in LinkedIn.


In the More Personal Computing segment, Windows OEM and Surface benefited from increased demand to support remote work and learn scenarios, offset in part by supply chain constraints in China that improved late in the quarter. Gaming benefited from increased engagement following stay-at-home guidelines. Search was negatively impacted by reductions in advertising spend, particularly in the industries most impacted by COVID-19. The effects of COVID-19 may not be fully reflected in the financial results until future periods.

Segment Highlights

Revenue in Productivity and Business Processes was $11.7 billion and increased 15% (up 16% in constant currency), with the following business highlights:

·        Office Commercial products and cloud services revenue increased 13% (up 15% in constant currency) driven by Office 365 Commercial revenue growth of 25% (up 27% in constant currency)


·        Office Consumer products and cloud services revenue increased 15% (up 17% in constant currency) with continued growth in Office 365 Consumer subscribers to 39.6 million


·        LinkedIn revenue increased 21% (up 22% in constant currency)


·        Dynamics products and cloud services revenue increased 17% (up 20% in constant currency) driven by Dynamics 365 revenue growth of 47% (up 49% in constant currency)

Revenue in Intelligent Cloud was $12.3 billion and increased 27% (up 29% in constant currency), with the following business highlights:

·        Server products and cloud services revenue increased 30% (up 32% in constant currency) driven by Azure revenue growth of 59% (up 61% in constant currency)


·        Enterprise Services revenue increased 6% (up 7% in constant currency)

Revenue in More Personal Computing was $11.0 billion and increased 3% (up 4% in constant currency), with the following business highlights:

·        Windows OEM revenue was relatively unchanged year over year


·        Windows Commercial products and cloud services revenue increased 17% (up 18% in constant currency)


·        Search advertising revenue excluding traffic acquisition costs increased 1%


·        Xbox content and services revenue increased 2%


·        Surface revenue increased 1% (up 2% in constant currency)


Return to Shareholders

Microsoft returned $9.9 billion to shareholders in the form of share repurchases and dividends in the third quarter of fiscal year 2020, an increase of 33% compared to the third quarter of fiscal year 2019.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Responding to COVID-19

At Microsoft, our focus remains on ensuring the safety of our employees, striving to protect the health and well-being of the communities in which we operate, and providing technology and resources to our customers and partners to help them do their best work while remote. Additional information about Microsoft’s COVID-19 response can be found here.

Quarterly Product Releases and Enhancements  

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Environmental, Social, and Governance (ESG)

To better execute on Microsoft’s mission, we focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our investor relations ESG website

Webcast Details

Satya Nadella, chief executive officer, Amy Hood, executive vice president and chief financial officer, Frank Brod, chief accounting officer, Keith Dolliver, deputy general counsel, and Michael Spencer, general manager of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 29, 2021.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP).
#8

Resultados Microsoft

REDMOND, Wash. — July 22, 2020 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2020, as compared to the corresponding period of last fiscal year:

·         Revenue was $38.0 billion and increased 13%

·         Operating income was $13.4 billion and increased 8%

·         Net income was $11.2 billion and decreased 15% GAAP (up 5% non-GAAP)

·         Diluted earnings per share was $1.46 and decreased 15% GAAP (up 7% non-GAAP)

“The last five months have made it clear that tech intensity is the key to business resilience. Organizations that build their own digital capability will recover faster and emerge from this crisis stronger,” said Satya Nadella, chief executive officer of Microsoft. “We are the only company with an integrated, modern technology stack – powered by cloud and AI and underpinned by security and compliance –  to help every organization transform and reimagine how they meet customer needs.”
 
“Our commercial cloud surpassed $50 billion in annual revenue for the first time this year. And this quarter our Commercial bookings were better than expected, growing 12% year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. “As we drive growth across the company, we remain committed to investing in long-term strategic opportunities.”
The following table reconciles our financial results reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.

GAAP results include a $450 million charge for the closure of the Microsoft Store physical locations in the fourth quarter of fiscal year 2020. GAAP results also include a net income tax benefit of $2.6 billion for the fourth quarter of fiscal year 2019, which is excluded from our non-GAAP results and explained in the non-GAAP definition section below.


COVID-19 Impact

In the fourth quarter of fiscal year 2020, similar business trends to the previous quarter continued.

In the Productivity and Business Processes and Intelligent Cloud segments, cloud usage and demand increased as customers continued to work and learn from home. Transactional license purchasing continued to slow, particularly in small and medium businesses, and LinkedIn was negatively impacted by the weak job market and reductions in advertising spend.

In the More Personal Computing segment, Windows OEM, Surface, and Gaming benefited from increased demand to support work-, play-, and learn-from-home scenarios, while Search was negatively impacted by reductions in advertising spend.
 

Business Highlights

Revenue in Productivity and Business Processes was $11.8 billion and increased 6% (up 8% in constant currency), with the following business highlights:

·         Office Commercial products and cloud services revenue increased 5% (up 7% in constant currency) driven by Office 365 Commercial revenue growth of 19% (up 22% in constant currency)

·         Office Consumer products and cloud services revenue increased 6% (up 7% in constant currency) and Office 365 Consumer subscribers increased to 42.7 million

·         LinkedIn revenue increased 10% (up 11% in constant currency)

·         Dynamics products and cloud services revenue increased 13% (up 15% in constant currency) driven by Dynamics 365 revenue growth of 38% (up 40% in constant currency)

Revenue in Intelligent Cloud was $13.4 billion and increased 17% (up 19% in constant currency), with the following business highlights:

·         Server products and cloud services revenue increased 19% (up 21% in constant currency) driven by Azure revenue growth of 47% (up 50% in constant currency)

·         Enterprise Services revenue was relatively unchanged (up 2% in constant currency)

Revenue in More Personal Computing was $12.9 billion and increased 14% (up 16% in constant currency), with the following business highlights:

·         Windows OEM revenue increased 7%

·         Windows Commercial products and cloud services revenue increased 9% (up 11% in constant currency)

·         Xbox content and services revenue increased 65% (up 68% in constant currency)

·         Surface revenue increased 28% (up 30%in constant currency)

·         Search advertising revenue excluding traffic acquisition costs decreased 18% (down 17% in constant currency)  

Operating expenses were $12.3 billion and increased 13%, including the $450 million charge for the closure of the Microsoft Store physical locations.

Microsoft returned $8.9 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2020, an increase of 16% compared to the fourth quarter of fiscal year 2019.


Fiscal Year 2020 Results


Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2020, as compared to the corresponding period of last fiscal year:
·         Revenue was $143.0 billion and increased 14%

·         Operating income was $53.0 billion and increased 23%

·         Net income was $44.3 billion and increased 13% GAAP and 20% non-GAAP

·         Diluted earnings per share was $5.76 and increased 14% GAAP and 21% non-GAAP

The following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.


 
GAAP results include a net income tax benefit of $2.6 billion and a net income tax charge of $157 million for the twelve months ended June 30, 2019. These net tax impacts are excluded from our non-GAAP results and explained in the Non-GAAP Definition section below.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

#9

Análisis Microsoft Corporation (MSFT)



Perfil de la Empresa: MICROSOFT CORPORATION es una empresa de tecnología. La empresa desarrolla, otorga licencias y respalda una gama de productos de software, servicios y dispositivos. Sus segmentos son productividad y procesos de negocio, nube inteligente e informática más personal. Sus productos incluyen sistemas operativos; aplicaciones de productividad para todos los dispositivos; aplicaciones de servidor; aplicaciones de soluciones comerciales; herramientas de administración de escritorio y servidor; herramientas de desarrollo de software; videojuegos y capacitación y certificación de desarrolladores e integradores de computadoras. También diseña, fabrica y vende dispositivos, que incluyen computadoras personales, tabletas, consolas de juegos y entretenimiento, teléfonos, otros dispositivos inteligentes y accesorios relacionados, que se integran con su oferta en la nube. Ofrece una variedad de servicios, que incluyen soluciones en la nube que ofrecen software, servicios, plataformas y contenidos a los clientes, y brinda soporte de soluciones y servicios de consultoría. También ofrece publicidad en línea.

Comentarios: Microsoft Corporation (MSFT), sigue alcista para largo plazo. En estos momentos, se encuentra con su movimiento alcista para corto plazo, tocando ya su resistencia del canal. En breve comenzará a formar su pauta de continuidad, con bastantes posibilidades de continuar superando máximos. El punto a vigilar para este trimestre serían los 170 dólares. Si lo perdiera, indicaría debilidad.

Los datos fundamentales indican un PER de 44. Su deuda total es del 62%. Su ratio de solvencia se sitúa en 2,90. Mi ratio potencial sale a 4,3, indicando crecimiento económico.

Conclusión: Mantener en cartera e ir ajustando el stop. En cada retroceso puede ser oportunidad para tomar posiciones alcistas. Siempre vigilar el punto importante.



Disclaimer de Contenido
Las inversiones en bolsa son de alto riesgo y se puede perder el capital que se vaya a invertir. El usuario debe tener el conocimiento suficiente del funcionamiento y del riesgo de los productos de inversión que vaya a utilizar. Las ideas o análisis no garantiza rentabilidades en las inversiones, ni tampoco garantiza la ausencia de pérdidas que el usuario realice.
#12

Comentario de Baron Funds sobre Microsoft (MSFT)

Microsoft Corporation es una mega cap de software que ha pasado con éxito de la era cliente-servidor y PC al mundo actual de transformación digital y nube. Microsoft se encuentra entre los líderes en la nube con su infraestructura Azure y ofertas de plataforma como servicio, y al trasladar su conjunto de soluciones de escritorio de Office dominante a la nube, con sus productos SaaS, Microsoft 365, Office 365 y Dynamics 365 y Teams. 

Las acciones se apreciaron en el trimestre debido a que la compañía siguió funcionando bien, con los ingresos totales de la compañía acelerando aún más hasta un 16% año tras año. 

Profundizando, el negocio de la nube comercial de Microsoft creció un 40% y Azure mantuvo una tasa de crecimiento superior al 60%. La capacidad de Microsoft para acelerar el crecimiento de los ingresos totales de la empresa a niveles de dos dígitos en su escala es un caso de estudio de transformación empresarial basada en la transformación digital. 

Seguimos creyendo que Microsoft se beneficiará del crecimiento de la nube durante muchos años, así como de la aceleración de las tendencias de transformación digital impulsadas por la pandemia de COVID. (Guy Tartakovsky)

Responsable de la Comunidad en Rankia y Autor del blog "Salvando mis finanzas" donde cuento cómo, dónde y por qué invierto en bolsa.

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