Microsoft Cloud Strength Drives Second Quarter Results
January 30, 2024
Microsoft Corp.
Microsoft Fiscal Year 2023 Third Quarter Earnings Conference Call
Satya Nadella, Chairman and CEO, and Amy Hood, EVP and CFO
**REDMOND, Wash.** – **Jan. 30, 2024** – Microsoft Corporation (NASDAQ: MSFT) today announced its financial results for the second quarter of fiscal year 2023, which ended December 31, 2023.
Revenue: Revenue was $56.5 billion, up 13% year-over-year and 12% in constant currency. This growth was driven by strength in the company’s cloud businesses, particularly Azure and Microsoft 365.
Earnings per share: Earnings per share were $2.99, up 27% year-over-year and 26% in constant currency.
“Our second quarter results reflect the strength of our cloud businesses and our continued focus on innovation,” said Satya Nadella, Chairman and CEO of Microsoft. “We are seeing strong demand for our Azure platform, Microsoft 365, and Dynamics 365, as organizations of all sizes embrace digital transformation.”
“We are also making significant investments in new growth areas, such as artificial intelligence, mixed reality, and quantum computing,” Nadella added. “These investments will help us to continue to lead the industry and create long-term value for our shareholders.”
Cloud revenue: Cloud revenue was $25.7 billion, up 24% year-over-year and 23% in constant currency. This growth was driven by strong demand for Azure, which saw revenue growth of 31% year-over-year. Microsoft 365 revenue also grew 20% year-over-year.
Operating expenses: Operating expenses were $19.2 billion, up 13% year-over-year. This growth was driven by increased investments in research and development, sales and marketing, and general and administrative expenses.
Net income: Net income was $18.8 billion, up 21% year-over-year.
Conference call: Microsoft will host a conference call to discuss its second quarter financial results today, January 30, 2024, at 4:30 p.m. PST. The call will be webcast live on the Microsoft Investor Relations website.
About Microsoft Microsoft (Nasdaq “MSFT”) is a technology company that empowers people and organizations everywhere to achieve more. The company’s mission is to help people and businesses throughout the world realize their full potential.
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