Microsoft Corp. has announced its third-quarter results for the period ended March 31, 2024, demonstrating robust growth across key financial metrics compared to the same period last year.
Microsoft’s cloud offerings continue to be a significant driver of revenue growth, with Microsoft Cloud revenue reaching $35.1 billion, marking a 23% increase year-over-year. This growth is attributed to strong execution by sales teams and partners, highlighting the increasing adoption of cloud services by businesses globally.
Financial Performance Highlights
- Revenue: $61.9 billion, up 17% year-over-year
- Operating Income: $27.6 billion, up 23% year-over-year
- Net Income: $21.9 billion, up 20% year-over-year
- Diluted Earnings Per Share: $2.94, up 20% year-over-year
Business Segment Performance
- Productivity and Business Processes: Revenue reached $19.6 billion, up 12% year-over-year, driven by growth in Office Commercial, Office Consumer, LinkedIn, and Dynamics products and cloud services.
- Intelligent Cloud: Revenue surged to $26.7 billion, up 21% year-over-year, fuelled by strong performance in server products and cloud services, particularly Azure and other cloud services.
- More Personal Computing: Revenue totalled $15.6 billion, up 17% year-over-year, with notable growth in Windows revenue and Xbox content and services revenue.
Shareholder Returns and Business Outlook
Microsoft 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 in connection with its quarterly earnings announcement on its earnings conference call and webcast.
Major highlights for the quarter include significant research and development investments aimed at delivering differentiated value across the cloud and the edge. Microsoft remains committed to its Environmental, Social, and Governance (ESG) efforts to drive positive impact.
For more information, see the Q3 FY24 earnings release here.
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