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Microsoft shows strong profit growth, but cloud forecasts overshadow success

July, 31 2024
watermark Economic news

IT giant Microsoft ended the 2023-2024 fiscal year (June 30) with an impressive 21.8% ($88.136 billion) increase in net profit. Diluted earnings per share amounted to $11.8, which is 22% higher than last year. The company's total revenue increased by 15.6% and reached $245.122 billion. 


In the fourth quarter of the fiscal year, net income increased by 9.7% to $22.036 billion, and diluted earnings per share amounted to $2.95 (an increase of 9.8%). Revenue for the quarter was $64.727 billion, exceeding the forecast of $64.38 billion. 


The Intelligent Cloud division, responsible for cloud services, showed revenue growth of 18.8% to $28.515 billion. However, this figure did not reach the forecast of $28.68 billion. Revenue from the Productivity and Business Processes division, which deals with office software, increased by 11.1% to $20.317 billion. Revenue growth of the Azure cloud service for the quarter was 29%. 


Despite the positive results, Microsoft shares fell by almost 6% after the close of trading in the United States.

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