Microsoft reports Q3 results with net income, revenue increases

SAN FRANCISCO, Apr 26: Microsoft posted on Thursday its revenue of US$61.9 billion for the third quarter of the 2024 fiscal year ending March 31, up 17 per cent from the same period last year.

The company generated a quarterly net income of US$21.9 billion, an increase of 20 per cent year on year, and its diluted earnings per share went up 20 per cent to US$2.94. Its operating income was US$27.6 billion and increased 23 per cent, Microsoft said in its financial report for the third quarter of fiscal 2024, reported Xinhua.

The company’s revenue in Productivity and Business Processes was US$19.6 billion, an increase of 12 per cent; revenue in Intelligent Cloud was US$26.7 billion and increased by 21 per cent; and revenue in More Personal Computing was US$15.6 billion, a 17 per cent decrease year on year.

Microsoft returned US$8.4 billion to shareholders in the form of share repurchases and dividends in the quarter, compared to US$9.7 billion in the same period of fiscal 2023.

“Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,” said Satya Nadella, chairman and chief executive officer of Microsoft.

“This quarter Microsoft Cloud revenue was US$35.1 billion, up 23 per cent year over year, driven by strong execution by our sales teams and partners,” said Amy Hood, executive vice president and chief financial officer of Microsoft.