Microsoft Cloud Strength Fuels Third Quarter Results
Sales and Earnings Surge as Cloud Computing Drives Growth
Redmond, Wash. – April 25, 2024 – Microsoft Corp. (NASDAQ: MSFT) today announced strong financial results for the third quarter of fiscal year 2024, driven by continued growth in its cloud computing business.
For the quarter ended March 31, 2024, Microsoft reported revenue of $51.7 billion, an increase of 18% compared to the same period last year. Net income rose 16% to $16.7 billion, or $2.23 per share.
The company's cloud computing revenue totaled $25.7 billion, up 24% year-over-year. This growth was driven by strong demand for its Azure cloud platform, as well as its Office 365 and Dynamics 365 business applications.
"Our cloud business continues to be a major growth driver for Microsoft," said Satya Nadella, Microsoft's CEO. "We are seeing strong demand for our Azure cloud platform, as well as our Office 365 and Dynamics 365 business applications."
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