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Stock Analyst Update

Our take on the latest news affecting the market's biggest stocks.

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Microsoft remains impressive in its ability to drive both growth and margins at scale and we think there is more to come on both fronts. We see results as reinforcing our thesis centering on the proliferation of hybrid cloud environments and Azure, as the firm continues to use its on-premises dominance to allow customers to move to the cloud easily and at their own pace.

Non-GAAP operating margin was strong at 19.8%, flat compared to last year but more than 200 basis points ahead of our model. We remain more constructive than ever on the company's long-term margin potential, including 100 basis points of annual expansion, given management's recent focus and strong results in the face of the Slack acquisition.