Microsoft has reported its financial performance for the third quarter of the company’s 2024 fiscal year ending on March 31st. Total revenue amounted to $61.858 billion, representing a 17% increase compared to the same quarter in the previous year. Net profit according to GAAP accounting standards stood at $21.939 billion.
CFO Amy Hood stated that in the previous quarter, revenue from Microsoft Cloud alone grew by 23% to $35.1 billion, driven by increased sales through the company’s sales team and partners.
Revenue breakdown by business segment is as follows:
– Productivity and Business Processes: $19.57 billion, up by 12%, with Office 365 Commercial increasing by 15%.
– Intelligent Cloud: $26.708 billion, up by 21%, driven by Azure and cloud products increasing by 31%.
– More Personal Computing: $15.58 billion, up by 17%, with revenue from Windows up by 11% and Xbox up by 62% due to the inclusion of revenue from Activision and a decrease in hardware group revenue by 17%.
CEO Satya Nadella provided additional information during the earnings call stating that GitHub Copilot, a popular tool, has attracted 1.8 million paid users.
Source: Microsoft and CNBC
TLDR: Microsoft’s third-quarter revenue increased by 17% to $61.858 billion, with strong growth in Microsoft Cloud sales. Revenue from different business segments also showed positive performance, with insights shared on the popularity of GitHub Copilot.
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