WEB: Microsoft Reports Quarterly Earnings of 275 per Share
Microsoft Cloud Strength Drives Second Quarter
January 30, 2024
Redmond, Washington - Microsoft Corp. (NASDAQ: MSFT) today announced its financial results for the second quarter of fiscal year 2024, ending December 31, 2023.
The software giant reported earnings per share of $2.75, surpassing analysts' estimates of $2.65. Revenue also exceeded expectations, reaching $56.2 billion, up 8% year-over-year.
The strong performance was attributed to continued growth in Microsoft's cloud computing business, particularly Azure and Office 365. The company's commercial cloud revenue grew 30% year-over-year, driven by strong demand for its productivity and infrastructure services.
"Our cloud business is driving our growth and profitability," said Satya Nadella, Microsoft's CEO. "We are seeing strong demand for our Azure and Office 365 services, as businesses continue to adopt the cloud for their digital transformation."
Microsoft also reported strong growth in its Surface hardware business, with revenue increasing 12% year-over-year. The company's Xbox gaming division also performed well, with revenue up 5%.
The positive earnings report sent Microsoft's stock price up 3% in after-hours trading. The company's strong performance is expected to continue in the coming quarters, as businesses continue to rely on Microsoft's cloud and productivity solutions.
For more information on Microsoft's financial results, please visit the company's website at https://www.microsoft.com/en-us/investor/.
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