In its October 28, 2026 earnings call, Satya Nadella said serving about 4 large customers that buy heavy capacity, even with several quarters of growth, is “not a business” as far as he is concerned. Microsoft reported revenue of $92.3 billion, up 19%, with Azure up 48%, and shares rose 2.90% to $546.39 after hours. Nadella said Microsoft is open to selling capacity to large buyers “as long as the pricing is right,” while favoring enterprise customers running recurring workflows. Capex of $45.2 billion came in below Amy Hood's guidance of over $50 billion because some third-party capacity deliveries were delayed, while demand still exceeded supply. Commercial remaining performance obligation rose 73% to $677 billion, and OpenAI contributed $10.0 billion, about 10.8% of revenue.
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Related tickers and likely impact
MSFT
▼ Likely negativeMicrosoft
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 10/28/2026 | 530.83 |
| Change that session | -0.09% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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