Microsoft Reports Strong Q3 2024 Results
Record Revenue and Earnings Driven by Cloud Growth
Company Returns $97 Billion to Shareholders
REDMOND, Wash. – April 27, 2024 – Microsoft Corp. (Nasdaq: MSFT) today announced financial results for the third quarter of fiscal year 2024, ending March 31, 2024.
Revenue: $52.7 billion, up 18% year-over-year
Net income: $16.4 billion, up 12% year-over-year
Diluted earnings per share: $2.23, up 13% year-over-year
“We had a strong third quarter, with revenue and earnings growth across all our businesses,” said Satya Nadella, Microsoft’s chairman and CEO. “Our cloud offerings, including Azure, Office 365, and Dynamics 365, continue to drive growth and innovation for our customers.”
Microsoft’s cloud revenue grew 20% year-over-year to $25.7 billion, driven by strong demand for Azure and Office 365. The Intelligent Cloud segment, which includes Azure, grew 26% to $14.5 billion.
The Productivity and Business Processes segment, which includes Office 365 and Dynamics 365, grew 14% to $15.1 billion. The More Personal Computing segment, which includes Windows, Xbox, and Surface, grew 3% to $13.4 billion.
Microsoft also announced that it returned $97 billion to shareholders in the form of share repurchases and dividends in the quarter.
“Our strong financial performance reflects the value we’re delivering to our customers and the continued execution of our strategic priorities,” said Amy Hood, Microsoft’s CFO. “We remain committed to investing in our business and returning capital to shareholders.”
Forward-Looking StatementsThis press release contains forward-looking statements, which are subject to risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to:
- Changes in economic conditions
- Competition from other companies
- Changes in technology
- Government regulations
- Currency fluctuations
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