Microsoft Corp Q3 2021 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Karl Emil Keirstead - UBS Investment Bank, Research Division - Analyst : Question for Amy on OpEx. Amy, the OpEx growth has been extraordinarily low the last several quarters. The growth rate looks like it's going to inch up a little bit in the June quarter. But you mentioned the investments are shifting to future quarters. You probably don't want to give too much on fiscal '22. But I'm just wondering whether we should extrapolate that into thinking that OpEx growth in fiscal '22 should get back to the pre-COVID levels of plus 10%. And if you don't want to be that specific, maybe you could just help us outline some of the variables we should keep in mind as we model that line item post COVID recovery in fiscal '22?

Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst : Congratulations on the quarter. Satya, I know you've said that you expect tech as a percentage of GDP, to track about 5% or roughly double over the next 10 years or so. How should we think about Microsoft's share in that context? Is it going to be steady? Or do you see that expanding? And if it is going to expand, what are the key products and markets that will drive your relative share growth as you outperform tech and as tech outperforms GDP.

Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst : That just sound like a share gain story. Brett Iversen Operator, next question please.