Brad Smith Vice Chair and President at Microsoft | Official website
Microsoft Corp. today announced impressive financial results for the quarter ended March 31, 2024, showcasing significant growth compared to the same period in the previous fiscal year. With revenue reaching $61.9 billion and a notable increase in operating income, net income, and diluted earnings per share, the tech giant's performance reflects the strength of its cloud services.
Satya Nadella, chairman and chief executive officer of Microsoft, highlighted the transformative power of Microsoft Copilot and Copilot stack in driving AI advancements, stating, "Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry."
Amy Hood, executive vice president and chief financial officer of Microsoft, attributed the success to the robust performance of Microsoft Cloud, stating, "This quarter Microsoft Cloud revenue was $35.1 billion, up 23% year-over-year, driven by strong execution by our sales teams and partners."
The company reported significant growth in various business segments, with highlights including a 12% increase in revenue in Productivity and Business Processes, driven by growth in Office Commercial products and cloud services, as well as Dynamics products and cloud services. Revenue in Intelligent Cloud surged by 21%, primarily fueled by the growth of Azure and other cloud services.
In More Personal Computing, Microsoft saw a 17% increase in revenue, with notable growth in Windows revenue and Xbox content and services revenue. The company also returned $8.4 billion to shareholders through share repurchases and dividends in the third quarter of fiscal year 2024.
Looking ahead, Microsoft will provide forward-looking guidance during its earnings conference call and webcast. The company remains committed to innovation, with quarterly highlights including the release of numerous products and enhancements aimed at enhancing productivity and security for customers.
As part of its Environmental, Social, and Governance (ESG) initiatives, Microsoft focuses on making a positive impact in areas where it can contribute the most. Interested parties can learn more about the company's latest ESG efforts by visiting its investor relations ESG website.
To delve deeper into the quarterly results and future outlook, a conference call and webcast will be hosted by key Microsoft executives today. The webcast will be available for replay for those unable to attend the live session.
Microsoft's financial performance is underpinned by its commitment to constant innovation and customer-centric solutions. By leveraging the power of the cloud and AI, the company continues to drive growth and deliver value to its stakeholders.
