Earnings Roundup: Meta, Microsoft & Qualcomm

Summary

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Podcast Summary: Bloomberg Talks

Episode: Earnings Roundup – Meta, Microsoft & Qualcomm

Date: July 29, 2026
Host: Bloomberg News Team
Main Guests: Ed Ludlow (Bloomberg Tech anchor), Mandeep Singh (Bloomberg Intelligence Global Head of Technology Research), Bloomberg Analysts/Commentators

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Overview

This episode provides an in-depth, rapid-fire roundtable analysis of the latest quarterly earnings for Big Tech heavyweights Microsoft, Meta, and Qualcomm. The discussion centers on cloud growth, AI investments, margin pressures, and strategic pivots in the competitive technology landscape. The conversation flows between breaking news updates and expert insights, making sense of fast-moving after-market stock moves and company disclosures.

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Key Discussion Points & Insights

Microsoft: Cloud, Copilot & Capex

Microsoft's stock rally and strong cloud performance form a central thread.

• Cloud Growth Outperforms Expectations
  • Ed Ludlow (01:59): “Everything is in the cloud growth better than expectations. Top line growth on Azure is 43% give or take X tack.”
• Quarterly Capex in Focus
  • Investors await details on Microsoft’s next-year capital expenditures (CapEx).
  • Ed Ludlow (01:59): “The street sees capex growing beyond 50%. All the street really wants to see is that pace of growth being near to capex growth, right? It's a really simple equation.”
• AI Traction and Copilot Adoption
  • Microsoft offers new data points on Copilot:
    • Ed Ludlow (03:03): “30 million paid seats [for 365 Copilot]—that’s versus 20 million at the end of March.”
  • Azure’s annualized revenue surpasses $100 billion.
    • Ed Ludlow (03:03): “Nadella was talking about Azure generating more than $100 billion in annualized revenue."
• Transparency and Disclosures
  • Microsoft shares granular AI progress, differentiating from rival Alphabet.
    • Bloomberg Host (03:38): “The more information, the more transparency. That’s helpful, big time.”
  • However, the company remains cagey about exact CapEx outlook for fiscal 2027.
    • Ed Ludlow (03:47): “From the press release alone, Microsoft's not saying anything about fiscal year 27 CAPEX.”

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Meta: Revenue Beats, Margin Pressures, & Strategic Shifts

Meta’s stock drops after hours despite strong revenue, as investors digest surging costs, margin compression, and hints at enterprise ambitions.

• Second Quarter Overview
  • Bloomberg Analyst (04:04): “Shares of meta down about 6.33%... Second quarter revenue came in above estimates. Second quarter EPS came in ever so shy of estimates.”
  • Ed Ludlow (04:28): “Revenues up 28% ahead of expectations. Right. Ad impressions have improved.”
• Outlook and Margin Concerns
  • Meta’s Q3 revenue guidance—$61 to $64 billion—is mixed against expectations.
  • Operating margins fall sharply:
    • Ed Ludlow (04:57): “Operating margins didn't just come in significantly below consensus by about 4 percentage points, but costs are up 55% so the operating margin has fallen from 43 to 31. Costs are higher and free cash flow has basically disappeared.”
  • Mandeep Singh (11:00): “Just look at the margin degradation for matter here they went from 43% to 31% operating margin.”
• Drivers of Rising Costs
  • One-time legal and severance costs (totaling $3.6B) are cited, alongside growing capital expenditures and depreciation.
  • Ed Ludlow (05:42): “A one-time legal charge of $2.4 billion and then severance costs... $1.2 billion charges."
  • Mandeep Singh (11:49): “Once you raise your CapEx, you have to show the CapEx in the depreciation line so your cost of revenue will keep going up.”
• CapEx Guidance and Investor Discipline
  • Meta raises the low end of annual CapEx outlook; market tolerance for further increases is limited.
  • Mandeep Singh (14:08): “They didn't want to raise capex because the stock would have been down even more... They are being forced to be disciplined.”
• AI and Emerging Enterprise Strategies
  • Meta signals a pivot toward enterprise, potentially building a cloud business for third-party clients.
  • Mandeep Singh (07:14): “Meta's generated revenue is from the consumer side. The fact that [enterprise] is in the first line shows they are leaning toward enterprise usage—the cloud build or cloud build API usage by enterprises.”
  • Bloomberg quoting Zuckerberg (09:07): “‘AI is accelerating our core business today, powering our next generation of products and opening the door to entirely new enterprise opportunities.’”
  • Ed Ludlow (09:25): “Meta has explored a literal cloud computing business... That's very different to renting out compute capacity to third parties.”
• Competitive Pressure in LLMs (Large Language Models)
  • Meta is late to enterprise cloud APIs and must face both closed and open-source competition.
  • Mandeep Singh (08:12): “It’s getting more competitive… if Meta has to compete with open source, it's going to be interesting how they position themselves... they're building a business from scratch and it's not easy. They're late to that cloud game.”

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Microsoft vs Meta: AI, Margins & Strategic Narratives

• Comparing AI Spend and Market Reaction
  • Microsoft’s cloud business helps stabilize margins, while Meta’s profitability suffers.
  • Mandeep Singh (11:09): “A Microsoft with its cloud business is able to cushion... some of the headwinds it is facing... and still do very well in terms of the holding up the margin side of the equation.”
• Accounting Nuances
  • A potential disclosure change in how Microsoft reports CapEx—especially regarding leases—may make numbers look smaller.
  • Ed Ludlow (12:48): “There is some kind of accounting or disclosure change for Microsoft... the CapEx number and… accounting for leases specifically makes the CapEx number look smaller.”
• Macroeconomic Factors
  • Rising memory prices and inflation are driving CapEx higher for everyone building AI infrastructure.
  • Ed Ludlow (14:49): “Capex can also go up because the cost of building those things is higher. Labor and construction inflation, inflation, materials inflation. Memory is a massive macro factor.”
  • Ed Ludlow (15:32): “IBM basically tried to blame… the lack of spending... on higher capex… to higher memory prices.”

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Qualcomm & ARM Holdings – Smartphone Woes vs Data Center Opportunity

Qualcomm and ARM reflect diverging fortunes as the smartphone market lags and data center exposure pays off.

• Qualcomm’s Struggles
  • Weak forecast due to ongoing component shortages, rising costs, and further erosion of its smartphone processor business.
  • Ed Ludlow (16:47): “In the smartphone market, it seems worse for Qualcomm than we thought. They are getting hit on all sides because of end market demand. Being hit by memory, for example.”
  • Qualcomm is losing business from Apple faster than anticipated and exposed to smartphone markets in China.
• Qualcomm’s Long-term Diversification Plans
  • The company pitches a more diversified business by 2029, but near-term dependence on handsets is a drag.
  • Mandeep Singh (18:08): “They are talking about a 2029 guide and how the business would be more diversified by then. But in the near term this business is declining.”
• ARM Holdings’ Bright Spot
  • ARM, with broader data center exposure, sees royalties more than double year-over-year and outpaces expectations as demand for new chip architectures climbs.
  • Bloomberg Host (18:46): “Royalties from those products, data centers specifically more than doubling from a year earlier and the appetite for a new chip lineup is greater than anticipated.”

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Notable Quotes & Memorable Moments

| Timestamp | Speaker | Quote | |-----------|--------------------|---------------------------------------------------------------------------------------| | 01:59 | Ed Ludlow | “Everything is in the cloud growth better than expectations… Azure is 43% give or take”| | 03:03 | Ed Ludlow | “30 million paid seats [for 365 Copilot]—that’s versus 20 million at the end of March”| | 04:28 | Ed Ludlow | “Revenues up 28% ahead of expectations. Ad impressions have improved.” | | 04:57 | Ed Ludlow | “Operating margins… significantly below consensus… costs are up 55%… margin fallen from 43 to 31.”| | 07:14 | Mandeep Singh | “All of Meta's generated revenue is from the consumer side. The fact that he [Zuckerberg] has that [enterprise] in the first line shows they are leaning towards enterprise usage…"| | 09:25 | Ed Ludlow | “Meta has explored a literal cloud computing business… that is something, an idea of something we might do.”| | 11:00 | Mandeep Singh | “Margin degradation for matter here they went from 43% to 31% operating margin.” | | 14:49 | Ed Ludlow | “Capex can also go up because the cost of building those things is higher… Memory is a massive macro factor.”| | 16:47 | Ed Ludlow | “In the smartphone market, it seems worse for Qualcomm than we thought. They are getting hit on all sides.”| | 18:46 | Bloomberg Host | “Royalties from those products, data centers specifically more than doubling from a year earlier…”|

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Timestamps for Key Segments

• 01:44 – Microsoft earnings lead: Cloud growth, AI product traction, CapEx questions
• 04:04 – Meta: Revenue beats, EPS miss, cost/margin headwinds, legal/severance costs
• 07:14 – Mandeep Singh on Meta’s AI and enterprise strategies
• 09:25 – Deeper dive into Meta’s potential pivot to enterprise/cloud services
• 11:00 – Margin comparison: Microsoft vs Meta
• 14:49 – Macro effects (inflation/memory) on CapEx for tech giants
• 16:03 – Microsoft up after earnings, Meta down, Qualcomm enters the spotlight
• 16:47 – Qualcomm’s weak outlook and smartphone market analysis
• 18:46 – ARM’s outperformance thanks to data center exposure

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Conclusion

This episode captures the volatility and shifting dynamics in big tech as companies navigate an AI-fueled arms race. Microsoft’s clear AI-linked momentum and disciplined CapEx management set it apart, while Meta faces tough questions from investors about the long-term payoff of soaring investment and their push into enterprise services. Qualcomm’s dependence on the cooling handset market diminishes its near-term outlook, in contrast to ARM’s data center-driven growth.
The expert roundtable provides real-time, incisive breakdowns of headline numbers and underlying strategies, highlighting the immense capital, competition, and strategic agility now required to stay ahead in tech.

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Transcript

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[Podcast/Radio Announcer]

Bloomberg Audio Studios Podcasts Radio News

[Bloomberg News Anchor]

this is a breaking news update from Bloomberg.

[Ed Ludlow]

Instant reaction and analysis from our 3,000

[Bloomberg News Anchor]

journalists and analysts around the world.

[Bloomberg Host/Interviewer]

Big tech earnings Microsoft rallying 3 1/2% in the aftermarket. You've got matter under pressure. Ed Ludlow is host of Bloomberg Tech on Bloomberg Television, 11am Wall time Monday through Friday. Ed, pick where you want to start

[Ed Ludlow]

to start Microsoft, I feel like it's probably the most tangible, right? So everything is in the cloud growth better than expectations. And you know, the math was really simple going into this. They've just closed the book on their fiscal financial year and the question still remains when we get to the call, what does Microsoft tell us about the capital expenditure growth into next year? Because the street sees capex growing beyond 50%. Top line growth on Azure is 43% give or take X tack. All the street really wants to see is that pace of growth being near to capex growth, right? It's a really simple equation. But going back to Alphabet which is highly analogous, there's so much commentary here from Microsoft about traction with copilot like more data points that are just easy tangible to understand about how Microsoft's AI efforts are going. Right. And that's the stock reflecting that in after hours.

[Bloomberg Analyst/Commentator]

Is the 30 million paid seats a big deal for 365 copilot for Microsoft.

[Ed Ludlow]

Yes. Because it's versus 20 million at the end of March. Exactly. What I'm pointing to the other one is I think you guys mentioned this but like Nadella was talking about Azure generating more than $100 billion in annualized revenue. You know remember Amazon went to that figure very early, you know in its, in its kind of like growth of us. Then what Amazon did they report tomorrow was to say this is the AI specific annualized revenues. So Microsoft's just saying more, you know giving newer data points which take us beyond the simple. Are the top line numbers growing beyond the capex growth which you kind of

[Bloomberg Host/Interviewer]

want to get right when a company is spending and building and doing all of this. The more information the more transparency. That's helpful big time.

[Ed Ludlow]

Yeah. I mean again from the press release alone Microsoft's not saying anything about fiscal year 27 CAPEX.

[Bloomberg Host/Interviewer]

Yeah.

[Ed Ludlow]

So there's this period of time where everyone's like okay reading, digesting the statement and the release and then on the call everything could change and that is the jeopardy of big tech earnings. And that's what's fun.

[Bloomberg Analyst/Commentator]

Well let's do a little bit with meta platforms and then we'll get back to some of these other names. Shares a meta Shares of meta down about 6.33% let's go ahead and say 6%. Some numbers here. Third quarter revenue 61 to 64 billion. The estimate was for 63.17 billion. Second quarter revenue came in above estimates. Second quarter EPS came in ever so shy of estimates. What is the thing that is moving

[Ed Ludlow]

the stock with matter today so hard? I mean revenues up 28% ahead of expectations. Right. Ad impressions have improved. Pricing has improved matters Core business its bread and butter is still advertising. The story was how is I made that better, more monetizable.

[Bloomberg Analyst/Commentator]

So revenue should be higher than estimates, right?

[Ed Ludlow]

It is, it is ahead of estimates. I think it's.

[Bloomberg Analyst/Commentator]

Sorry, sorry. For the third quarter, the outlook.

[Ed Ludlow]

I'm sorry yeah for the outlook.

[The Hartford Insurance Representative]

Right.

[Bloomberg Analyst/Commentator]

Yeah.

[Ed Ludlow]

The one thing that my, my brain is going to is that the operating margins didn't just come in significantly below consensus by about 4 percentage points but costs are up 55% so the operating margin has fallen from 43 to 31. Costs are higher and free cash flow has basically disappeared.

[Bloomberg News Anchor]

Is just.

[Ed Ludlow]

I'm reading the statement.

[Bloomberg Analyst/Commentator]

Sorry Ed is that because they're investing so much in talent, is it because the tokens cost so much like this? These companies are spending a ton of money. We looked at last week what what Alphabet said about going cash flow negative metal platforms is feeling it matter is feeling it when it comes to its earnings because it's spending more money.

[Ed Ludlow]

Maybe they're disclosing that There was a one time legal charge of $2.4 billion and then severance costs super interesting $1.2 billion charges. We knew about the story right about the waves of Meta layoffs. So that could excluding those the underlying operating performance was kind of much nearest expectations. Maybe they're a big factor but also goes the idea that the free cash flow is basically gone which is such a common story across the mag 7 right.

[Bloomberg Host/Interviewer]

Right. And I want to just throw one other headline across the Bloomberg Metta saying some youth related trials may result in material loss like we have done here are Olivia Carville and I believe others on the team have done a lot about social media and the impact on youth and we know Meta has certainly been one of the targets. So just interesting to get some of that clarity. Again, just a quick headline. Meta boosting the low end of its annual capital spending outlook And I'm looking at the live blog too and I think this is something that you were going to and this is our Linda one our tech editor. One thing traders might be reacting to second quarter operating margin 31% versus 43% a year earlier. The company's expecting that total expenses of 165 billion 269 billion raising the low end from 162 billion previously. I want to bring into the conversation to our Mandeep Singh, Bloomberg Intelligence Global head of Technology research making his way from TV into our radio studio. We're talking about Metta. What's investors don't like it.

[Mandeep Singh]

I mean look, there wasn't much of an upside when it comes to the top line, both this quarter and the guide. And when it comes to capex, even though they didn't raise capex, the one line that caught my attention was that first line from Mark Zuckerberg that Heap expects things to improve across enterprises. And that's new because all of Meta's generated revenue is generated from the consumer side. So the fact that he has that in the first line shows that they are leaning towards enterprise usage, the cloud build or cloud build API usage by enterprises. And that's what they are betting on when it comes to this.

[Bloomberg Analyst/Commentator]

I mean silly question but does Meta actually have an LLM that can be licensed by some of these enterprises in a way that would be different than an enterprise using a platform from Microsoft or from OpenAI or from Anthropic.

[Mandeep Singh]

So it's getting more competitive when it comes to raw LLM usage. And the reason I say that is because of kimik3 and all these open source models that have really taken off and are being used for use cases besides the frontier where Anthropic is being used. So I think if Meta has to compete with open source, it's going to be interesting how they position themselves, whether it's in terms of lower token pricing or they have another strategy because they're building a business from scratch and it's not easy. They're late to that cloud game, they're late to that API game. So how they go about it, who those anchor customers are going to be, that's a million dollar question. Who are they going to partner with in terms of that enterprise usage? Is it going to be Microsoft or Anthropic or. We don't know that.

[Bloomberg Analyst/Commentator]

Well, come on back in here. What do you think? You're going through all of these releases right now. You point out that Mark Zuckerberg, what Mandeep was referring to Mark Zuckerberg writing, quote, AI is accelerating our core business today, powering our next generation of products and opening the door to entirely new enterprise opportunities. What are those opportunities?

[Ed Ludlow]

Yes. So Bloomberg's reported that Matter has explored a literal cloud computing business. I heard Charlie call Matter a hyperscaler. It operates data centers at Hyperscale for its own business, for its internal workloads. That's very different to renting out compute capacity to third parties. But Bloomberg's reported Matters looking at that. More recently, Kurt Wagner got on the phone with Mark Zuckerberg, right. And he said, yeah, you know, that is something, an idea of something we might do. That quote around enterprise opportunities is pretty much the sort of clearest example we've had. And I think going into this, I'd wager that for the call, that is something that analysts will focus questions on. It's not about. It's not about ROI on the AI investment, it's about ROI on the infrastructure they're building. How can you basically make new revenue streams and more money on all the infrastructure you've built? It's so interesting. I think Mandeep's very smart to get to that so quick and interesting, by the way, because how many quarters on the show do we say, well, here's the quote from the CEO at the Top of the reason and we kind of move on. And how much work is this one doing? I find that fascinating.

[Bloomberg Host/Interviewer]

I want to ask both of you because here we have Metta under pressure. You've got Microsoft though rallying in the aftermarket. Not up as much as it was earlier, but still up about 1.4%. Mandeep, let me bring you back in here. What is a better tell on the I spend the narrative like is it Microsoft in terms of the enthusiasm and the expected momentum to continue?

[Mandeep Singh]

I mean just look at the margin degradation for matter here they went from 43% to 31% operating margin.

[Bloomberg Host/Interviewer]

Massive drop.

[Mandeep Singh]

It is a massive. And that's where a Microsoft with its cloud business is able to cushion, you know, some of the headwinds it is facing from all these lamps and still do very well in terms of the holding up the margin side of the equation.

[Bloomberg Analyst/Commentator]

Apart from capex, where's that money going? Why are margins under pressure?

[Mandeep Singh]

I mean in the. So with all these companies now once you raise your CapEx, you have to show the CapEx in the depreciation line so your cost of revenue will keep going up. So in the case of matter, it's not as if they are hiring a lot more people. They did hire a lot of people and paid millions of dollars. But I don't think that.

[Bloomberg Analyst/Commentator]

You don't think that's what it is.

[Mandeep Singh]

No, it's that cost of revenue line going up because now those depreciation expenses would kick in.

[Bloomberg Analyst/Commentator]

So it's just capex.

[Mandeep Singh]

You think it will be capex but

[Bloomberg Analyst/Commentator]

can't they make up for that with. With the investments that they've made in making advertising more targeted and getting us to click or at least getting marketers in front of eyeballs in an even more.

[Mandeep Singh]

The ad pricing growth was. It was around 14% and you know, that's pretty solid. That's been the case for the last few quarters. So the problem now they have is all those levers which once were there to protect the margins are not good enough when your capex is growing up like this and you know your cost of revenue will keep growing. So that's, that's a hard part. And managing margins here for matter.

[Bloomberg Host/Interviewer]

So Microsoft's like sorry Matta, but we're having a pretty good day. Microsoft shares still up in the aftermarket. So Ed Ludlow, you've been going through and reading more from the company. What's just jumping out at you?

[Ed Ludlow]

Well, going into this I think we knew that it was the case. Maybe Mandeep can clear it up. I think there is some kind of accounting or disclosure change for Microsoft where the CapEx number and they're accounting for leases specifically makes the CapEx number look smaller. But again like we're in this period now where the call comes very important because we know what the Azure growth number is for the quarter gone and the period this closed the door on the financial year 26, financial year 27 starts and you know the very simple math is in an environment where everyone thinks capex goes up, what is the percentage growth in capex that is foreseen relative to the growth in Azure? And that's why they're putting so much emphasis on all these other metrics, the like maybe non financial in nature to get some evidence that their investments are getting traction.

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[Bloomberg Analyst/Commentator]

I don't know, I don't know. I mean I think go, go ahead.

[Mandeep Singh]

I mean the one thing I had in mind before coming into earnings is if a company doesn't raise their capex in an environment where memory prices are up 20, 30% to me they are cutting back somewhere else. And that would be my interpretation for Meta is because they didn't raise capex they certainly are offsetting it with something else. We just don't know what.

[Bloomberg Analyst/Commentator]

So where are they doing that?

[Mandeep Singh]

I mean they don't want to raise capex because the stock would have been down even more. They raised the capex so they didn't have a choice. I mean they are being forced to be disciplined here in terms of CapEx because the market doesn't have a tolerance for higher metals. Capex for this year and possibly for 2027.

[Bloomberg Analyst/Commentator]

Some context to the word discipline now Carol. Discipline for metal platforms means 130 billion to $145 billion in capex this year.

[Bloomberg Host/Interviewer]

Well Ed, come on back in for Metta moving into cloud though this business and maybe we'll get more on the call about their intentions and their plans. I mean is it still the right move for Metta?

[Ed Ludlow]

I mean I feel like just going off past action and precedent that we're going to get to the call and you know the way I think about it is if you're listening or watching Businessweek right now, you're asking yourself what's still to come. We've gone through the numbers, we've gone through the headlines. Everyone with matter knows about Mark Zuckerberg, Susan Lee, the CFO is very important and often does the head heavy lifting of communicating the financial strategy. I'll just see a world in which we get to the call and she's like, yeah, here's our commentary on capex. Mandeep's point is so important because it's not new. And I mean that with massive respect. The capex doesn't just go up because you need to spend more to build more to meet demand. Capex can also go up because the cost of building those things is higher. You know, you have labor and construction inflation, inflation, materials inflation. Memory is a massive macro factor. You know, IBM basically tried to blame 10 days ago the lack of spending on their technology mainframes in particular because their customers faced higher capex largely relating to higher memory prices. So, you know, all of these factors are common to all of these capital expenditure deployers who want to build AI infrastructure.

[Bloomberg Host/Interviewer]

All right, so we're tracking Metta and Microsoft here in the after hours. Microsoft up about 2%, a little bit more. So just following earnings, if I go on over to Metta, it is still down about 5.6%. Let's just also throw into the mix. We've got Qualcomm, that one also came out with its results. And the stock right now in the aftermarket, as I bring it up on my Bloomberg, it is down about 3.5%. And then we have ARM holdings.

[Bloomberg Analyst/Commentator]

We have ARM holdings as well. I want to go to Qualcomm real quick to Ed because Ed is interviewing Cristiano Amon tomorrow on, on Bloomberg Tech. Be sure to tune in for that. The CEO of Qualcomm, Ed, the company gave a weak forecast for the current quarter. It cited component shortages and rising costs. That's not a new story, but by any means, I mean, we've known this about.

[Ed Ludlow]

So it's not new. I would say in the smartphone market, it seems worse for Qualcomm than we thought. You know, they are the main processor maker for smartphones. They are getting hit on all sides because of end market demand. Being hit by memory, for example. They have tried to diversify the business away from that reliance on smartphone. But within smartphone, they're also kind of, it seems like losing business from Apple faster than, than was modeled for. And then like they are super, super entrenched or exposed to Android in China. Right. And so like in aggregate, all of the forecasts for that, that handset market, they aren't, they weren't rosy to begin with. The thing that I will ask Cristiano is for him to give me his latest assessment of the smartphone market for this year and whether it is better or worse than he had told me last quarter. So simple. But it is possible that things deteriorate, you know, quarter to quarter. And reading Ian King's report on the earnings that that seems to be the case.

[Bloomberg Host/Interviewer]

Hey, so Qualcomm down about 4.3% here in the aftermarket. ARM holdings just down by 8.10of a percent. AAM delivering a sales forecast of about 1.38 billion in the fiscal quarter. And we did see the stock under some pressure here. Mandeep, come on back in. Anything in terms of AAM or Qualcomm that's, that's of note for you?

[Mandeep Singh]

I mean just exposures. I think AAM because of the data center exposure, continues to do better even though ARM does have smartphone exposure. But because their data center exposure has been much higher in the past few quarters, they seem to be beating numbers. Whereas in the case of Qualcomm, I mean they are talking about a 2029 guide and how the business would be more diversified by then. But in the near term this business is declining. The handset business is still under pressure because of the consumer smartphone and the memory pricing impact.

[Bloomberg Host/Interviewer]

Our right through on AAM noting royalties from those products, data centers specifically more than doubling from a year year earlier and the appetite for a new chip lineup is greater than anticipated. This is coming from the company's CEO ARM holdings,

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