ZhaoYin International released a report indicating that Microsoft’s revenue for the second fiscal quarter ending last December grew by 12% year-on-year to $69.6 billion, which is a 16% increase compared to the first fiscal quarter and 1% higher than market expectations; net profit rose by 10% to $24.1 billion, 3% above market expectations, mainly due to higher operational efficiency. Management pointed out that Azure AI service revenue growth exceeded expectations, while cloud service revenue not related to AI was slightly below expectations due to market execution challenges, and it is estimated that this trend will continue until the end of June this year in the second half of the 2025 fiscal year. The firm believes that the growth of Microsoft's cloud revenue and AI-related monetization will remain key drivers for the stock price in the next six to twelve months. The firm has lowered its revenue forecast for Microsoft from 2024 to 2027 by 1% to 2%, and net profit forecast by 0% to 2%, maintaining its 'Buy' rating, with the Target Price slightly raised from $501.9 to $503.1.