Microsoft Thanks Cloud for First-Quarter Earnings Report
"Consistent execution by our sales teams and partners drove a strong start to the fiscal year with Microsoft Cloud revenue of $31.8 billion, up 24 percent (up 23 percent in constant currency) year-over-year," said Amy Hood, executive vice president and chief financial officer of Microsoft in announcing first-quarter earnings.
Highlighted results for the quarter ended Sept. 30, 2023, compared to the corresponding period of the last fiscal year include:
- Revenue was $56.5 billion and increased 13 percent (up 12 percent in constant currency)
- Operating income was $26.9 billion and increased 25 percent (up 24 percent in constant currency)
- Net income was $22.3 billion and increased 27 percent (up 26 percent in constant currency)
- Diluted earnings per share was $2.99 and increased 27 percent (up 26 percent in constant currency)
CEO Satya Nadella also attributed the company's embrace of AI-powered assistants dubbed "copilots" to the positive quarterly results.
"With copilots, we are making the age of AI real for people and businesses everywhere," Nadella said. "We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers."
Nadella and Hood took part in a conference call with other execs that is available for replay.
David Ramel is an editor and writer for Converge360.