Microsoft Cloud Growth Powers Strong Q2 Earnings

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Microsoft Cloud Growth Powers Strong Q2 Earnings

Tech giant Microsoft announced its fiscal second quarter 2024 earnings on January 30th, highlighting continued growth driven by its cloud computing services.

The company reported total revenue of $62 billion for the quarter ending December 31, 2023, an 18% increase year-over-year. Microsoft Cloud revenue reached $33.7 billion, up 24%.

Azure cloud services grew revenue 30% in constant currency. Overall Intelligent Cloud segment revenue grew 20% to $25.9 billion. The More Personal Computing segment, which includes Windows, devices, and Xbox, saw 19% revenue growth.

 

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"We’ve moved from talking about AI to applying AI at scale," said Microsoft CEO Satya Nadella. "By infusing AI across every layer of our tech stack, we’re winning new customers and helping drive new benefits and productivity gains across every sector."

Microsoft completed its blockbuster $69 billion acquisition of gaming giant Activision Blizzard in October 2023. The addition fueled Xbox content and services revenue growth to 61% year-over-year.

The company reported strong double-digit growth across its cloud services like Azure, Office 365 commercial products, LinkedIn, and Dynamics 365. Windows OEM and commercial segments also saw healthy single-digit growth.

Microsoft returned $8.4 billion to shareholders via dividends and share repurchases. The tech leader reaffirmed commitment to its dividend which has grown by 10%+ annually over the past decade.

Check the full Press Release here: https://www.microsoft.com/en-us/Investor/earnings/FY-2024-Q2/press-release-webcast

 

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