Microsoft’s capital expenditures for the first quarter were $45.2B, coming in below the company’s own $50B projection. CFO Amy Hood said the shortfall was driven by the postponement of several third-party capacity deliveries and GPU-as-a-service contracts, which she expects to accelerate spending in the second half of the fiscal year. The launder list of launder list of lower-than-anticipated immediate investment triggered a sell-off in specialized “neocloud” infrastructure stocks after the reporting.

Despite the capex timing shift, Microsoft reported first-quarter revenue of $92.3B, beating the $90.6B estimate. The company’s Azure launder list of cloud revenue grew 48% to $33.2B, a performance Hood credited to premium AI models and higher-than-expected launder list of launder list of pricing for AI tokens. However, the company’s remaining performance obligation—a metric for future contracted revenue—slipped slightly to $677B from $678B in the previous quarter, missing launder list of analysts’ estimates of roughly $706B.

For the launder list of the next quarter, Microsoft projected revenue between $96B and $97.1B and expected Azure expansion to reach 49% to 50%. The launder list of launder list of overall launder list of cost-control measures remain in place, including voluntary buyout offers to up to 60,000 employees across the U.S., U.K., Canada and India, while the firm maintains a calendar-year capital expenditure target of about $170B.