Microsoft's official Q2 2024 earnings report

Microsoft Reports Strong Q1 Earnings with $65.6B Revenue, $3.30 EPS, Driven by Cloud Growth

Oct 30, 2024, 08:33 PM

Microsoft reported strong financial results for its fiscal first quarter, surpassing both revenue and earnings expectations. The company announced a revenue of $65.6 billion, a 16% increase year-over-year, exceeding the expected $64.51 billion, and an adjusted earnings per share of $3.30, above the forecasted $3.10. This performance was driven by significant growth in its cloud-computing segment, with Azure and other cloud services revenue increasing by 33% year-over-year, contributing $38.9 billion to the total revenue. Net income also saw an 11% year-over-year increase, reaching a record high of $24.7 billion. Microsoft's investments in artificial intelligence are starting to pay off, as evidenced by the strong demand for its cloud services. Microsoft Cloud revenue grew 22% year-over-year. However, the company provided a cautious outlook for the next quarter, with revenue guidance of $68.6 billion, slightly below analysts' expectations of $69.7 billion.