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LATEST FINANCIAL ANNOUNCEMENT

Microsoft Corporation

NASDAQ: MSFT

Q3 FY24

25 April 2024

Senior Associate: Joseph Hang Ellision

Microsoft Cloud strength fuels third quarter results

April 25, 2024 | Microsoft Source

REDMOND, Wash. — April 25, 2024 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2024, as compared to the corresponding period of last fiscal year:

  • Revenue was $61.9 billion and increased 17%
  • Operating income was $27.6 billion and increased 23%
  • Net income was $21.9 billion and increased 20%
  • Diluted earnings per share was $2.94 and increased 20%

"Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry," said Satya Nadella, chairman and chief executive officer of Microsoft.

"This quarter Microsoft Cloud revenue was $35.1 billion, up 23% year-over-year, driven by strong execution by our sales teams and partners," said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $19.6 billion and increased 12% (up 11% in constant currency), with the following business highlights:

Office Commercial products and cloud services revenue increased 13% (up 12% in constant currency) driven by Office 365 Commercial revenue growth of 15%

Office Consumer products and cloud services revenue increased 4% and Microsoft 365 Consumer subscribers grew to 80.8 million

LinkedIn revenue increased 10% (up 9% in constant currency)

Dynamics products and cloud services revenue increased 19% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 22% in constant currency)

Revenue in Intelligent Cloud was $26.7 billion and increased 21%, with the following business highlights:

Server products and cloud services revenue increased 24% driven by Azure and other cloud services revenue growth of 31%

Revenue in More Personal Computing was $15.6 billion and increased 17%, with the following business highlights:

Windows revenue increased 11% with Windows OEM revenue growth of 11% and Windows Commercial products and cloud services revenue growth of 13% (up 12% in constant currency)

Devices revenue decreased 17% (down 16% in constant currency)

Xbox content and services revenue increased 62% (up 61% in constant currency) driven by 61 points of net impact from the Activision acquisition

Search and news advertising revenue excluding traffic...

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