{"id":28974,"date":"2026-10-29T10:17:40","date_gmt":"2026-10-29T03:17:40","guid":{"rendered":"https:\/\/www.nanovest.io/blog\/?p=28974"},"modified":"2026-10-29T10:17:40","modified_gmt":"2026-10-29T03:17:40","slug":"azure-tumbuh-microsoft-naik-usai-earnings","status":"publish","type":"post","link":"https:\/\/www.nanovest.io/blog\/berita\/azure-tumbuh-microsoft-naik-usai-earnings-28974\/","title":{"rendered":"Azure Tumbuh 48%, Saham Microsoft Naik 3% Usai Earnings"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Investasi besar-besaran dalam kecerdasan buatan (AI) kembali menjadi perhatian Wall Street. <\/span><span style=\"font-weight: 400;\">Namun, laporan keuangan terbaru<\/span><a href=\"https:\/\/nanovest.go.link\/page=IndividualStockDetail?action=navigate&amp;is_param=true&amp;symbol=MSFT&amp;adj_t=1rhus2a1&amp;adj_deep_link=nanovest%3A%2F%2Fpage%3DIndividualStockDetail%3Faction%3Dnavigate%26is_param%3Dtrue%26symbol%3DMSFT\"> <b>Microsoft (MSFT)<\/b><\/a><b><a style=\"margin-left: 6px; padding: 4px 10px; background-color: #16a34a; color: #ffffff; text-decoration: none; border-radius: 6px; font-size: 13px; font-weight: 600;\" href=\"https:\/\/nanovest.go.link\/page=IndividualStockDetail?action=navigate&amp;is_param=true&amp;symbol=MSFT&amp;adj_t=1rhus2a1&amp;adj_deep_link=nanovest%3A%2F%2Fpage%3DIndividualStockDetail%3Faction%3Dnavigate%26is_param%3Dtrue%26symbol%3DMSFT\" target=\"_blank\" rel=\"noopener\">Cek MSFT<\/a><\/b><span style=\"font-weight: 400;\">\u00a0 menunjukkan bahwa pertumbuhan bisnis cloud dan kemampuan menghasilkan kas masih dapat mengimbangi kebutuhan belanja infrastruktur yang tinggi.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pada Rabu, 28 Oktober 2026 waktu AS, Microsoft melaporkan pendapatan dan laba kuartalan yang melampaui ekspektasi analis, didukung pertumbuhan kuat layanan komputasi awan Azure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perusahaan juga mencatat arus kas bebas atau <\/span><i><span style=\"font-weight: 400;\">free cash flow<\/span><\/i><span style=\"font-weight: 400;\"> (FCF) sebesar US$18,6 miliar, lebih dari dua kali lipat perkiraan pasar.<\/span><span style=\"font-weight: 400;\"> Hasil tersebut mendorong saham Microsoft naik lebih dari 3% dalam perdagangan setelah jam bursa.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kinerja ini muncul ketika investor semakin mencermati apakah pengeluaran ratusan miliar dolar untuk AI dapat menghasilkan pertumbuhan pendapatan dan arus kas yang sepadan.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Daftar Isi <\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.nanovest.io/blog\/berita\/azure-tumbuh-microsoft-naik-usai-earnings-28974\/#Pendapatan_Microsoft_Capai_US9228_Miliar_Azure_Tumbuh_48\" >Pendapatan Microsoft Capai US$92,28 Miliar, Azure Tumbuh 48%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.nanovest.io/blog\/berita\/azure-tumbuh-microsoft-naik-usai-earnings-28974\/#Arus_Kas_Bebas_US186_Miliar_Lampaui_Ekspektasi_Pasar\" >Arus Kas Bebas US$18,6 Miliar Lampaui Ekspektasi Pasar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.nanovest.io/blog\/berita\/azure-tumbuh-microsoft-naik-usai-earnings-28974\/#Belanja_Modal_Microsoft_US452_Miliar_Masih_di_Bawah_Proyeksi\" >Belanja Modal Microsoft US$45,2 Miliar, Masih di Bawah Proyeksi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.nanovest.io/blog\/berita\/azure-tumbuh-microsoft-naik-usai-earnings-28974\/#Microsoft_Proyeksikan_Azure_Tumbuh_hingga_50_pada_Kuartal_Berikutnya\" >Microsoft Proyeksikan Azure Tumbuh hingga 50% pada Kuartal Berikutnya<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Pendapatan_Microsoft_Capai_US9228_Miliar_Azure_Tumbuh_48\"><\/span><b>Pendapatan Microsoft Capai US$92,28 Miliar, Azure Tumbuh 48%<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Microsoft membukukan pendapatan US$92,28 miliar pada kuartal I tahun fiskal 2027 yang berakhir September 2026, meningkat sekitar 20% dibandingkan periode yang sama tahun sebelumnya.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Laba disesuaikan mencapai US$4,89 per saham, melampaui konsensus analis sebesar US$4,73 per saham.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pertumbuhan tersebut didukung bisnis komputasi awan Azure, yang mencatat kenaikan pendapatan 48% secara tahunan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pendapatan Azure mencapai US$33,17 miliar, lebih tinggi dibandingkan perkiraan Visible Alpha sebesar US$32,84 miliar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kinerja Azure menjadi perhatian karena layanan cloud merupakan salah satu infrastruktur utama bagi perusahaan yang mengembangkan dan mengoperasikan aplikasi AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Permintaan terhadap kapasitas komputasi, penyimpanan data, dan layanan AI berbasis cloud terus meningkat seiring perluasan penggunaan teknologi tersebut di lingkungan korporasi.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microsoft juga memperoleh kontribusi pendapatan sekitar US$10 miliar dari hubungannya dengan OpenAI pada kuartal September, menurut laporan Reuters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Di sisi lain, perusahaan berupaya memperluas pilihan model AI bagi pelanggan korporasi. CEO Satya Nadella menjelaskan bahwa Microsoft menyediakan berbagai alternatif dengan tingkat biaya berbeda, termasuk pilihan yang lebih terjangkau dibandingkan model AI tercanggih.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pendekatan tersebut diterapkan untuk meningkatkan kegunaan produk seperti Copilot sekaligus membantu pelanggan mengelola biaya implementasi AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Strategi ini menjadi relevan ketika perusahaan mulai mempertimbangkan efisiensi biaya, bukan hanya kemampuan teknologi, dalam memperluas penggunaan AI.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Arus_Kas_Bebas_US186_Miliar_Lampaui_Ekspektasi_Pasar\"><\/span><b>Arus Kas Bebas US$18,6 Miliar Lampaui Ekspektasi Pasar<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Salah satu sorotan utama laporan Microsoft adalah kemampuan perusahaan menghasilkan arus kas di tengah meningkatnya belanja infrastruktur AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microsoft mencatat FCF sebesar US$18,6 miliar, jauh di atas perkiraan Visible Alpha sebesar US$8,54 miliar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Selisihnya mencapai sekitar US$10,06 miliar, menunjukkan hasil arus kas yang lebih kuat daripada ekspektasi analis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FCF merupakan kas yang tersisa setelah perusahaan membiayai kebutuhan operasional dan belanja modal. Indikator ini menjadi penting bagi investor karena dapat menggambarkan kemampuan perusahaan mendanai ekspansi, membayar kewajiban, dan mempertahankan fleksibilitas keuangan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kinerja tersebut membedakan Microsoft dari sejumlah perusahaan teknologi besar lainnya yang menghadapi tekanan arus kas akibat peningkatan investasi AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sebagai perbandingan, Alphabet mencatat FCF negatif US$9,07 miliar pada kuartal III 2026 ketika belanja modal meningkat. Saham perusahaan tersebut turun sekitar 8% dalam perdagangan setelah jam bursa, meskipun bisnis cloud-nya mencatat pertumbuhan kuat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sementara itu, Meta sebelumnya melaporkan pengeluaran kas yang besar dan menyampaikan rencana penerbitan saham baru untuk membantu mendanai kebutuhan modal yang terus meningkat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perbedaan tersebut memperlihatkan bahwa pertumbuhan bisnis AI tidak selalu menghasilkan dampak keuangan yang sama bagi setiap perusahaan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bagi Microsoft, arus kas yang lebih tinggi dari perkiraan memberikan ruang untuk membiayai pengembangan pusat data dan layanan AI tanpa tekanan pendanaan sebesar yang dihadapi sejumlah pesaing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meski demikian, tingginya FCF dalam satu kuartal belum tentu mencerminkan tren jangka panjang. Investor tetap perlu memperhatikan perkembangan belanja modal dan kemampuan perusahaan mempertahankan pertumbuhan pendapatan.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Belanja_Modal_Microsoft_US452_Miliar_Masih_di_Bawah_Proyeksi\"><\/span><b>Belanja Modal Microsoft US$45,2 Miliar, Masih di Bawah Proyeksi<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Microsoft mengeluarkan belanja modal atau <\/span><i><span style=\"font-weight: 400;\">capital expenditure<\/span><\/i><span style=\"font-weight: 400;\"> (capex) sebesar US$45,2 miliar pada kuartal September 2026.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Angka tersebut meningkat dari US$34,9 miliar pada periode yang sama tahun sebelumnya, tetapi masih lebih rendah daripada proyeksi perusahaan sebesar US$50 miliar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Menurut manajemen, realisasi belanja modal yang lebih rendah bukan disebabkan perubahan mendasar dalam strategi investasi AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microsoft menjelaskan bahwa sejumlah pengiriman kapasitas infrastruktur dari pihak ketiga yang semula dijadwalkan pada kuartal tersebut mengalami penundaan. Dengan demikian, selisih pengeluaran terutama berkaitan dengan waktu realisasi proyek, bukan keputusan untuk mengurangi kebutuhan infrastruktur.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sepanjang tahun kalender 2026 hingga akhir September, belanja modal Microsoft telah mencapai sekitar US$118,1 miliar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Untuk memenuhi proyeksi tahunan US$175 miliar yang sebelumnya disampaikan pada Juli, perusahaan perlu merealisasikan tambahan belanja modal sekitar US$56,9 miliar pada tiga bulan terakhir 2026.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Angka tersebut menunjukkan bahwa kebutuhan investasi Microsoft masih sangat besar, terutama untuk memperluas kapasitas pusat data dan menyediakan perangkat keras yang dibutuhkan layanan AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Secara industri, perusahaan teknologi besar diperkirakan menginvestasikan lebih dari US$700 miliar sepanjang 2026 untuk pembangunan pusat data, pengadaan perangkat keras, dan kebutuhan energi.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besarnya pengeluaran tersebut meningkatkan perhatian terhadap sumber pendanaan dan potensi tekanan terhadap arus kas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kekhawatiran juga muncul setelah meningkatnya biaya perlindungan terhadap risiko gagal bayar utang sejumlah perusahaan teknologi, termasuk <\/span><a href=\"https:\/\/nanovest.go.link\/page=IndividualStockDetail?action=navigate&amp;is_param=true&amp;symbol=META&amp;adj_t=1rhus2a1&amp;adj_deep_link=nanovest%3A%2F%2Fpage%3DIndividualStockDetail%3Faction%3Dnavigate%26is_param%3Dtrue%26symbol%3DMETA\"><b>Meta (META)<\/b><\/a><span style=\"font-weight: 400;\">, serta tekanan pembiayaan yang dihadapi penyedia infrastruktur AI seperti CoreWeave.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dalam konteks ini, hasil Microsoft memberikan gambaran bahwa perusahaan dengan pendapatan cloud besar dan arus kas kuat memiliki kapasitas lebih besar untuk membiayai ekspansi AI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Namun, peningkatan belanja modal yang berkelanjutan tetap dapat memengaruhi arus kas pada kuartal berikutnya.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Microsoft_Proyeksikan_Azure_Tumbuh_hingga_50_pada_Kuartal_Berikutnya\"><\/span><b>Microsoft Proyeksikan Azure Tumbuh hingga 50% pada Kuartal Berikutnya<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Selain hasil keuangan yang melampaui ekspektasi, Microsoft memberikan proyeksi pertumbuhan yang kuat untuk kuartal II tahun fiskal 2027.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perusahaan memperkirakan pendapatan Azure tumbuh sekitar 49-50% secara tahunan, lebih tinggi daripada konsensus analis sebesar 47,6%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microsoft juga memproyeksikan total pendapatan kuartal berikutnya berada pada kisaran US$96 miliar hingga US$97,1 miliar, melampaui perkiraan pasar sebesar US$95,6 miliar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Proyeksi tersebut menunjukkan bahwa permintaan terhadap layanan cloud dan infrastruktur AI diperkirakan tetap kuat dalam beberapa bulan mendatang.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Microsoft sebelumnya juga menyampaikan rencana untuk mengungkapkan pendapatan Azure dalam nilai dolar, bukan hanya persentase pertumbuhan, sehingga investor dapat membandingkan skala bisnis cloud-nya dengan Amazon Web Services dan Google Cloud secara lebih jelas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Di pasar saham, MSFT naik lebih dari 3% dalam perdagangan setelah jam bursa menyusul pengumuman hasil keuangan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sebelum laporan tersebut, saham Microsoft tercatat menguat sekitar 9% sepanjang 2026, dibandingkan kenaikan sekitar 13% pada indeks S&amp;P 500.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meski hasil kuartalan mendapat respons positif, investor masih perlu memperhatikan keseimbangan antara pertumbuhan Azure, realisasi belanja modal, dan kemampuan perusahaan menghasilkan arus kas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perkembangan tersebut akan menjadi indikator penting untuk menilai seberapa jauh ekspansi AI berkontribusi terhadap kinerja keuangan Microsoft.<\/span><\/p>\n<div style=\"background: linear-gradient(135deg,#19233F 0%,#292967 100%); border-radius: 20px; padding: 28px 24px; margin: 32px 0; box-sizing: border-box; text-align: left;\">\n<div style=\"display: inline-block; background: #303A59; border: 1px solid #56617D; border-radius: 999px; padding: 7px 14px; margin-bottom: 16px; color: #eaf0ff; font-size: 13px; font-weight: bold; line-height: 1.4;\">\u2601\ufe0f Saham AS \u2022 Microsoft (MSFT)<\/div>\n<p style=\"margin: 0 0 12px; color: #ffffff; font-size: 21px; line-height: 1.35; font-weight: 800;\">Azure Melesat, Arus Kas Kuat. Sudah Pantau MSFT?<\/p>\n<p style=\"margin: 0 0 24px; color: #dce2f5; font-size: 15px; line-height: 1.7;\">Microsoft mencatat pertumbuhan Azure 48% dan arus kas bebas US$18,6 miliar di tengah ekspansi AI. Pantau pergerakan saham MSFT melalui Nanovest dan ikuti perkembangan earnings serta update pasar terbaru lewat News &amp; Artikel Tips.<\/p>\n<div style=\"display: flex; flex-wrap: wrap; gap: 12px; align-items: center;\">\n<p><a style=\"display: inline-block; background: #7C3AED; color: #ffffff; text-decoration: none; font-size: 14px; font-weight: bold; padding: 12px 19px; border-radius: 9px; text-align: center; line-height: 1.5;\" href=\"https:\/\/nanovest.go.link\/page=IndividualStockDetail?action=navigate&amp;is_param=true&amp;symbol=MSFT&amp;adj_t=1rhus2a1&amp;adj_deep_link=nanovest%3A%2F%2Fpage%3DIndividualStockDetail%3Faction%3Dnavigate%26is_param%3Dtrue%26symbol%3DMSFT\" target=\"_blank\" rel=\"noopener noreferrer\">Cek Saham Microsoft (MSFT) \u2192<br \/>\n<\/a><\/p>\n<p><a style=\"display: inline-block; background: #FFFFFF; color: #292967; text-decoration: none; font-size: 14px; font-weight: bold; padding: 12px 19px; border-radius: 9px; text-align: center; line-height: 1.5;\" href=\"https:\/\/www.nanovest.io\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\">News &amp; Artikel Tips \u2192<br \/>\n<\/a><\/p>\n<\/div>\n<p style=\"margin: 20px 0 0; color: #b8c2dd; font-size: 11px; line-height: 1.6;\">Investasi saham mengandung risiko, termasuk volatilitas harga dan potensi kehilangan modal. Pelajari fundamental perusahaan dan sesuaikan keputusan investasi dengan profil risikomu.<span style=\"color: #333333; font-size: 14px;\">\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Investasi besar-besaran dalam kecerdasan buatan (AI) kembali menjadi perhatian Wall Street. Namun, laporan keuangan terbaru Microsoft (MSFT)Cek MSFT\u00a0 menunjukkan bahwa pertumbuhan bisnis cloud dan kemampuan menghasilkan kas masih dapat mengimbangi kebutuhan belanja infrastruktur yang tinggi. Pada Rabu, 28 Oktober 2026 waktu AS, Microsoft melaporkan pendapatan dan laba kuartalan yang melampaui ekspektasi analis, didukung pertumbuhan kuat<\/p>\n","protected":false},"author":35,"featured_media":28975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,39],"tags":[74,70,28,52,29],"class_list":["post-28974","post","type-post","status-publish","format-standard","has-post-thumbnail","category-berita","category-saham-as","tag-berita","tag-microsoft","tag-saham-amerika","tag-saham-as","tag-us-stocks"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.3 - aioseo.com -->\n\t<meta name=\"description\" content=\"Microsoft catat pertumbuhan Azure 48% dan arus kas bebas US$18,6 miliar, melampaui ekspektasi. 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