MSFT 8-K — Smart Summary

Microsoft Corporation filed an 8-K on April 25, 2024, reporting financial results for the fiscal quarter ended March 31, 2024 (Q3 FY2024). Revenue grew 17% year-over-year to $61.9 billion, driven by strong Microsoft Cloud performance. The filing includes the press release as Exhibit 99.1 under Item 2.02.

• Revenue: $61,858 million, up 17% YoY (from $52,857 million)
• Operating income: $27,581 million, up 23% YoY (from $22,352 million)
• Gross margin: $43,353 million (Q3 FY2024) vs. $36,729 million (Q3 FY2023)
• Net income: $21,939 million, up 20% YoY (from $18,299 million)
• Diluted EPS: $2.94, up 20% YoY (from $2.45)
• Basic EPS: $2.95 vs. $2.46 prior year
• Net cash from operations: $31,917 million (Q3 FY2024) vs. $24,441 million (Q3 FY2023); nine months ended March 31, 2024: $81,353 million vs. $58,812 million

• Productivity and Business Processes: revenue $19,570 million, up 12% YoY (up 11% in constant currency); operating income $10,143 million vs. $8,639 million prior year
• Office Commercial products and cloud services revenue up 13% (up 12% in constant currency); Office 365 Commercial revenue up 15%
• Office Consumer products and cloud services revenue up 4%; Microsoft 365 Consumer subscribers grew to 80.8 million
• LinkedIn revenue up 10% (up 9% in constant currency); Dynamics products and cloud services revenue up 19% (up 17% in constant currency); Dynamics 365 up 23% (up 22% in constant currency)
• Intelligent Cloud: revenue $26,708 million, up 21% YoY (up 21% in constant currency); operating income $12,513 million vs. $9,476 million prior year; server products and cloud services up 24%; Azure and other cloud services up 31%
• More Personal Computing: revenue $15,580 million, up 17% YoY (up 17% in constant currency); operating income $4,925 million vs. $4,237 million prior year
• Within More Personal Computing: Windows revenue up 11%; Windows OEM up 11%; Windows Commercial products and cloud services up 13% (up 12% in constant currency); Devices revenue down 17% (down 16% in constant currency); Xbox content and services revenue up 62% (up 61% in constant currency) driven by 61 points of net impact from the Activision acquisition; Search and news advertising ex-TAC up 12%
• Microsoft Cloud revenue: $35.1 billion, up 23% YoY

• Microsoft returned $8.4 billion to shareholders in the form of share repurchases and dividends in Q3 FY2024
• Common stock repurchased: $4,213 million in Q3 FY2024 vs. $5,509 million in Q3 FY2023; nine months: $13,044 million vs. $16,541 million
• Common stock cash dividends paid: $5,572 million in Q3 FY2024 vs. $5,059 million in Q3 FY2023; nine months: $16,197 million vs. $14,746 million
• Cash and cash equivalents: $19,634 million as of March 31, 2024 (vs. $34,704 million as of June 30, 2023)
• Total cash, cash equivalents, and short-term investments: $80,021 million as of March 31, 2024 (vs. $111,262 million as of June 30, 2023)
• Short-term debt: $20,535 million; long-term debt: $42,658 million as of March 31, 2024
• Proceeds from issuance of debt: $6,352 million in Q3 FY2024; repayments of debt: $11,589 million in Q3 FY2024

• "Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry." — Satya Nadella, chairman and chief executive officer of Microsoft
• "This quarter Microsoft Cloud revenue was $35.1 billion, up 23% year-over-year, driven by strong execution by our sales teams and partners." — Amy Hood, executive vice president and chief financial officer of Microsoft

• Microsoft stated it will provide forward-looking guidance in connection with the quarterly earnings announcement on its earnings conference call and webcast held at 2:30 p.m. Pacific time on April 25, 2024
• No specific quantitative forward guidance figures were included in the press release text