Microsoft Q1 Report 2024

Microsoft Cloud Strength Fuels First Quarter Results

Microsoft Corp. today announced the following results for the quarter ended September 30, 2023, as compared to the corresponding period of last fiscal year:

  • Revenue was $56.5 billion and increased 13% (up 12% in constant currency)
  • Operating income was $26.9 billion and increased 25% (up 24% in constant currency)
  • Net income was $22.3 billion and increased 27% (up 26% in constant currency)
  • Diluted earnings per share was $2.99 and increased 27% (up 26% in constant currency)

Business Highlights

Revenue in Productivity and Business Processes was $18.6 billion and increased 13% (up 12% in constant currency), with the following business highlights:

  • Office Commercial products and cloud services revenue increased 15% (up 14% in constant currency) driven by Office 365 Commercial revenue growth of 18% (up 17% in constant currency)
  • Office Consumer products and cloud services revenue increased 3% (up 4%in constant currency) and Microsoft 365 Consumer subscribers grew to 76.7 million
  • LinkedIn revenue increased 8%
  • Dynamics products and cloud services revenue increased 22% (up 21% in constant currency) driven by Dynamics 365 revenue growth of 28% (up 26% in constant currency)

Revenue in Intelligent Cloud was $24.3 billion and increased 19%, with the following business highlights:

  • Server products and cloud services revenue increased 21% driven by Azure and other cloud services revenue growth of 29% (up 28% in constant currency)

Revenue in More Personal Computing was $13.7 billion and increased 3% (up 2% in constant currency), with the following business highlights:

  • Windows revenue increased 5% with Windows OEM revenue growth of 4% and Windows Commercial products and cloud services revenue growth of 8%
  • Devices revenue decreased 22%
  • Xbox content and services revenue increased 13% (up 12% in constant currency)
  • Search and news advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency)

Microsoft returned $9.1 billion to shareholders in the form of share repurchases and dividends in the first quarter of fiscal year 2024.

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