海外科技公司2025Q3业绩总结:资本开支预期上调 云需求信号强劲

西南证券
Nov 11

业绩概览:收入端表现亮眼,利润端波动较大。25Q3海外四大科技公司营收合计4114亿美元,yoy+16%,合计收入同比增速为22Q1以来最高增速;25Q3海外四大科技公司净利润合计866亿美元,整体净利率约21%,同环比有所波动。资本开支:2026年资本开支预期显著提升,未来两年容量有望翻倍。1)未来开支指引超预期:资本开支表态相较前两个季度变得更加积极。微软此前表示FY2026资本开支的增长率将...

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