**마이크로소프트 3Q26 실적**

_1Q FY27 Results_
- 매출 $92.3B (est. $90.7B)
- 애저 매출 YoY +48% (est. +45%)
- GPM 67.8% (est. 67.3%)
- OPM 49.8% (est. 48.6%)
- EPS $4.89 (est. $4.72)
- OCF $58.0B (est. $53.8B)
- CAPEX $39.37B (est. $46.99B)

_4Q FY26 Guidance_
- 매출 $96.0B~$97.1B (est. $95.7B)
- 애저 매출 YoY 49~50%
- GPM 66.0% (est. 66.2%)
- OPM 46.8% (est. 46.9%)

_FY26 Guidance_
- CAPEX $175B → $170B (est. $195B)

After +3%