Microsoft Q1 rev $77.7B, EPS $3.72 beat; OpenAI partnership restructured with $135B stake

MICROSOFT CORP

Revenue $77.7B (+18%), operating income $38.0B (+24%); GAAP EPS $3.72 (+13%), non-GAAP EPS $4.13 (+23%).
Microsoft Cloud revenue $49.1B (+26%); commercial RPO up 51% to $392B; Azure revenue up 40%.
OpenAI partnership restructured: Microsoft holds ~27% stake valued at $135B, IP rights extended through 2032.
OpenAI to purchase additional $250B of Azure services; Microsoft can pursue AGI independently.
Returned $10.7B to shareholders via dividends and share repurchases.

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