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Microsoft Corp has reported a $16.9 billion revenue growth for the quarter ended March 31, 2024.
According to the company's Press Release on Thursday, the tech giant reported a revenue of $61.9 billion, marking a 17% increase compared to the same period last year.
Operating income also saw a substantial rise, reaching $27.6 billion, up by 23%, while net income grew by 20% to $21.9 billion. Diluted earnings per share stood at $2.94, reflecting a 20% increase.
Microsoft Chairman and CEO, Satya Nadella, credited the company's innovative AI solutions for driving better business outcomes across various industries.
Nadella stated, "Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation."
The standout performer was Microsoft's cloud services division, with revenue from the Microsoft Cloud reaching $35.1 billion, a 23% year-over-year increase.
Amy Hood, Microsoft's Executive Vice President and CFO, attributed this growth to strong execution by sales teams and partners.
In the Productivity and Business Processes segment, revenue reached $19.6 billion, up by 12%, driven by Office Commercial and Consumer products, LinkedIn, and Dynamics products.
The Intelligent Cloud segment saw revenue surge to $26.7 billion, a remarkable 21% increase, primarily driven by growth in Azure and other cloud services.
Revenue from More Personal Computing amounted to $15.6 billion, up by 17%, driven by growth in Windows, Xbox content and services, and search and news advertising.
Microsoft also returned $8.4 billion to shareholders through share repurchases and dividends during the quarter.
Looking ahead, Microsoft will provide forward-looking guidance during its earnings conference call and webcast.
The company remains committed to its Environmental, Social, and Governance (ESG) initiatives, focusing on areas where it can have a positive impact.
A conference call and webcast, hosted by Satya Nadella, Amy Hood, and other key executives, will be held at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today, accessible on Microsoft's Investor Relations website.
Microsoft presents constant currency information to provide a framework for assessing its underlying performance excluding the impact of foreign currency rate fluctuations.
