Microsoft: Q2 2026 Results Beat Expectations but Shares Drop on AI Spending

6 months ago

Graphique boursier Microsoft en chute avec éléments d’intelligence artificielle en arrière-plan, illustrant les inquiétudes sur les investissements massifs.

Microsoft stock chart falling with artificial intelligence elements in background, illustrating concerns over massive investments. Nezna/generated by IA.

In short

Revenue: $81.3B, +17% YoY
EPS: $4.14, above expectations
Capex: $37.5B in AI, record high
Shares fall 4-7% post-market
Cloud growth: 26-29%, Azure slowing

What are the key figures in Microsoft’s Q2 2026 results?

Microsoft releases fiscal Q2 2026 results (Oct-Dec 2025). Revenue reaches $81.3 billion, up 17% YoY, beating the $80.3B consensus (CNBC, Reuters, Microsoft IR). Net income rises 60% to $38.5B, yielding adjusted EPS of $4.14 vs $3.97 expected.

These figures solidify Microsoft’s cloud and AI leadership but raise costs for SMEs and, indirectly, households through price increases.

Cloud and AI focus

Intelligent Cloud generates $32B (+29%). Azure growth slows. Bloomberg reports $37.5B capex (vs $36.2B estimate), mostly AI-related. Massive data-center investments increase local energy bills and widen inequalities.

Why do Microsoft shares drop despite strong results?

Despite beats, shares fall 4-7% after hours (Reuters, CNBC, X). Investors question AI spending ROI. The Economist and FT offer no 24h coverage. Al Jazeera and SCMP silent, showing Western/US-market bias.

On X, opinions split: buy opportunity for some, OpenAI dependency criticism for others. All figures confirmed by at least three independent sources.

Descending Microsoft stock chart with AI elements in background, symbolizing investor concerns. Nezna/generated by IA.

Employment and societal impacts

Gaming drops 9%, Xbox hardware 32%. Potential job cuts. AI promises efficiency but threatens manual/creative jobs, worsening inequality. US sources highlight innovation; globally, it widens North-South gap.

International perspectives compared

Western outlets (WSJ, Bloomberg, Reuters) focus on beats and drop. No recent coverage from Kommersant, AFP, OECD, IMF, World Bank. Minor EPS divergence ($3.86 or $3.97), overall consensus.

Economic dynamics critique

Tech giants prioritize AI growth over near-term returns, creating volatility for retail investors and local economies. With $12.7B returned to shareholders, one questions better social use of these funds.

FAQ

What is cloud growth?: 26-29%, with notable Azure slowdown.
Why the AI spending concern?: $37.5B suggests distant ROI, eroding confidence.
What societal impact?: Rising energy costs and job displacement risk.