Microsoft Cloud Strength Drives Second Quarter Results
Microsoft Reports Strong Earnings and Revenue Growth
Bellevue, Wash. – January 30, 2024 – Microsoft Corp. (NASDAQ: MSFT) today announced its financial results for the second quarter of fiscal year 2024. Revenue increased by 18% to $62 billion, driven by strong growth in the company's cloud businesses. Net income rose 33% to $21.9 billion, or $2.55 per share.
The company's cloud businesses continue to be a major growth driver. Azure revenue grew by 34% to $25.3 billion, while Office 365 revenue increased by 19% to $17.7 billion. The company's Dynamics 365 revenue also grew by 18% to $5.6 billion.
"Our second-quarter results reflect the continued strength of our cloud businesses," said Satya Nadella, Microsoft's CEO. "We are seeing strong demand for our Azure, Office 365, and Dynamics 365 offerings, and our customers are increasingly turning to Microsoft to help them digitally transform their businesses."
The company also announced that it will be returning $124 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2022. This increase of 19% from the previous quarter reflects the company's confidence in its future outlook.
"We believe that our strong financial performance positions us well to continue to invest in our business and deliver value for our shareholders," said Amy Hood, Microsoft's CFO. "We remain committed to returning capital to our shareholders through dividends and share repurchases."
The company's stock price rose 5% in after-hours trading following the earnings announcement.
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