Microsoft Reports Stellar Fourth Quarter and Fiscal 2023 Earnings
Record-Breaking Revenue and Earnings Driven by Cloud Computing Growth
Redmond, Washington - January 30, 2024
Microsoft Corp. (NASDAQ: MSFT) today announced its financial results for the fourth quarter of fiscal 2023, ended December 31, 2023. The company reported strong growth across its business segments, with revenue and earnings surpassing analysts' expectations.
Revenue: Microsoft's total revenue for the fourth quarter reached $52.7 billion, an increase of 12% year-over-year. This growth was primarily driven by strong performance in its cloud computing business, Microsoft Azure, which saw revenue grow by 25%.
Earnings: Microsoft's net income for the quarter was $16.4 billion, an increase of 14% year-over-year. The company's earnings per share (EPS) were $2.32, beating analysts' consensus forecast of $2.27.
Cloud Dominance: Microsoft's cloud computing segment, Microsoft Cloud, continued to be a major driver of growth. The segment, which includes Azure and other cloud services, reported revenue of $21.5 billion for the quarter, an increase of 19% year-over-year.
Strong Azure Performance: Azure, Microsoft's cloud platform, saw a surge in demand during the quarter, particularly for its artificial intelligence (AI) and machine learning services. The company attributed this growth to increased adoption by businesses seeking to enhance their operations with AI.
Outlook: Microsoft remains optimistic about its future growth potential. The company expects continued strong performance in its cloud computing business, as well as growth in its other segments, such as Productivity and Business Processes.
Investor Sentiment: Microsoft's earnings report was met with positive sentiment from investors, who cheered the company's strong performance and its optimistic outlook. Microsoft's stock price rose by over 5% in after-hours trading following the announcement.
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