Microsoft reports Q1 results with revenue up 13%

Microsoft on Tuesday posted its revenue of 56.5 billion U.S. dollars in the first quarter of the fiscal year 2024 ending Sept. 30, 2023, which went up 13 percent from the same period of the previous year, reported Xinhua.

The company generated quarterly net profits of 22.3 billion dollars, an increase of 27 percent year on year. Diluted earnings per share were 2.99 dollars, up 27 percent, compared to the same period a year ago.

Its operating income was 26.9 billion dollars, which increased 25 percent from the same period last year, Microsoft said in its financial report.

The company's revenue in Productivity and Business Processes was 18.6 billion dollars, an increase of 13 percent. Its revenue in Intelligent Cloud was 24.3 billion dollars and increased 19 percent year over year.

The Server products and cloud services revenue increased 21 percent, driven by Azure and other cloud services revenue growth of 29 percent. Revenue in More Personal Computing was 13.7 billion dollars and increased 3 percent, Microsoft said.

Microsoft returned 9.1 billion dollars to shareholders in the form of share repurchases and dividends in the first quarter of the fiscal year 2024.

"With copilots, we are making the age of AI real for people and businesses everywhere," said Satya Nadella, chairman and chief executive officer of Microsoft. "We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers."

"Consistent execution by our sales teams and partners drove a strong start to the fiscal year with Microsoft Cloud revenue of 31.8 billion dollars, up 24 percent year over year," said Amy Hood, executive vice president and chief financial officer of Microsoft.