Microsoft recorded revenue of $52.9 billion for its fiscal third quarter 2023 period ending March 31, 2023. The number was up 7 percent from the same period a year earlier and was higher than the $51.02 billion figure predicted by financial analysts. According to CNBC.
Company earnings release Its operating income for the quarter was $22.4 billion, up 10 percent from the same period a year ago, and its net income was $18.3 billion, up 9 percent from the same period a year ago. Earnings per share were $2.45, up 10 percent from a year ago and above the $2.23 per share forecast by analysts. Went about Microsoft’s stock 4.5 percent in after-hours trading Following the release of financial news.
While Microsoft’s productivity and business processes and revenues were growing in its intelligent cloud divisions, its more personal computing division was not. It recorded revenue of $13.3 billion for the quarter, down 9 percent from a year ago. That was mostly due to a big drop in Windows OEM revenue, which was down 28 percent, and devices revenue fell 30 percent.
Gaming revenue was down 4 percent overall. This includes a massive 30 percent reduction in Xbox hardware. However, Xbox content and services grew 4 percent, largely thanks to increased Xbox Game Pass revenue.
Windows commercial products and cloud services revenue rose 14 percent, and its search and news advertising revenue, excluding traffic acquisition costs, rose 10 percent.
