Microsoft recorded strong financial results in the third quarter of fiscal year 2024, driven by growth in its cloud computing business. Revenue increased by 17% to $61.9 billion, with operating income rising by 23% to $27.6 billion. Net income also saw a 20% increase, reaching $21.9 billion, while diluted earnings per share grew by the same percentage to $2.94. The company's Intelligent Cloud segment, which includes Azure, experienced a 21% revenue increase, totaling $26.7 billion. Notably, Azure and other cloud services revenue surged by 31%. Microsoft attributed this strong performance to high demand for its consumption-based services and AI products. The Productivity and Business Processes segment, encompassing products like Office and LinkedIn, saw a 12% revenue growth, reaching $19.6 billion. Office 365 Commercial revenue grew by 15%, while LinkedIn revenue increased by 10%. Microsoft's More Personal Computing segment, which includes Windows, Xbox, and Devices, reported a 17% revenue increase, reaching $15.6 billion, largely due to the acquisition of Activision. Windows revenue grew by 11%, while Xbox content and services revenue saw a significant 62% increase. Microsoft returned $8.4 billion to shareholders through share repurchases and dividends during the quarter.
