Microsoft's quarterly financial earnings report

Microsoft Q3 Revenue Hits $61.9B, Net Income $21.9B; Stock Climbs 5%

Apr 25, 2024, 08:15 PM

Microsoft reported a substantial increase in its quarterly financial performance, driven by robust demand for its cloud services and artificial intelligence products. For the third quarter, Microsoft's revenue rose by 17% year-over-year to $61.9 billion, while net income increased by 20% to $21.9 billion. The company's cloud revenue alone reached $35.1 billion, marking a 23% increase from the previous year. This growth was attributed to the successful integration and application of AI technologies, including Microsoft Copilot and Copilot stack, across Microsoft's offerings, particularly its Azure cloud services. Additionally, Office Commercial and LinkedIn revenues grew by 13% and 10% respectively. The positive earnings report led to a 5% increase in Microsoft's stock price after hours.