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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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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.