Microsoft Corporation has reported its financial results for the first quarter ending September 30, 2024. The company recorded a revenue of $65.6 billion, marking a 16% increase compared to the same period last year. Operating income rose by 14% to $30.6 billion, while net income increased by 11% to $24.7 billion. Diluted earnings per share were up by 10%, reaching $3.30.
Satya Nadella, Microsoft's chairman and CEO, commented on the role of AI in transforming business processes: “AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process.” He emphasized Microsoft's success in attracting new customers by leveraging AI platforms and tools.
Amy Hood, executive vice president and CFO of Microsoft, highlighted the company's cloud performance: “Strong execution by our sales teams and partners delivered a solid start to our fiscal year with Microsoft Cloud revenue of $38.9 billion, up 22% year-over-year.”
The company's Productivity and Business Processes segment saw a revenue increase of 12%, totaling $28.3 billion. Key contributors included Microsoft 365 Commercial products and cloud services with a 13% rise in revenue and Dynamics products with a growth of 14%.
In the Intelligent Cloud segment, revenue reached $24.1 billion, representing a 20% increase. Azure and other cloud services played a significant role with a growth rate of 33%. The More Personal Computing segment also grew by 17%, achieving $13.2 billion in revenue.
Microsoft returned $9 billion to shareholders through dividends and share repurchases during this quarter.
The company plans to provide forward-looking guidance during its earnings conference call today at 2:30 p.m. Pacific time (5:30 p.m. Eastern time), which will be accessible via webcast.
For more information on Microsoft's corporate governance and ESG practices, stakeholders are encouraged to visit their investor relations website.
