Microsoft has beaten average analyst estimates by reporting 2023 Q3 earnings of $52.9 billion, with a net income of $18.3 billion and earnings of $2.45 per share.
Driven by Office 365 Commercial revenue growth of 14%, Azure and other cloud services revenue grew 27% while Office Commercial products and cloud services were up 13%. It was also reported that Dynamics products and cloud services revenue increased 17% (up 21% in constant currency) driven by Dynamics 365 revenue growth of 25%.
“Focused execution by our sales teams and partners in this dynamic environment resulted in Microsoft Cloud revenue of $28.5 billion, up 22% (up 25% in constant currency) year-over-year,” said Amy Hood, executive vice president & chief financial officer of Microsoft in a statement.
Satya Nadella, Microsoft's chairman and CEO, stated: “Across the Microsoft Cloud, we are the platform of choice to help customers get the most value out of their digital spend and innovate for this next generation of AI.”