Microsoft has reported a substantial rise in its financial performance for its second fiscal quarter of 2024 ending December 31, 2023. The company has seen revenues climb to $62 billion, presenting an increase from the $52.7 billion reported during the same timeframe the prior year.
Net income impresses at $21.9 billion, marking a rise from the previously recorded $16.4 billion GAAP (Generally Accepted Accounting Principles) and $17.4 billion non-GAAP (Non-Generally Accepted Accounting Principles) figures last year. Earnings per share have advanced to $2.93 for the quarter, escalating from $2.20 GAAP and $2.32 non-GAAP earnings observed in the same period in the previous year.
Cloud and Consumer Growth
The revenue flowing from the Microsoft Cloud reached $33.7 billion, making up slightly over half of the company's total revenue for the quarter, which is an upswing from $27.1 billion a year prior. Microsoft divulged that the count of Microsoft 365 Consumer subscribers has expanded, reaching 78.4 million from the previously reported 63.2 million.
The Productivity and Business Processes division, which encapsulates offerings like Office 365 and various productivity applications and services, has generated $19.2 billion in revenue, which calculates to a 13 percent increase year-over-year. Meanwhile, Microsoft's Intelligent Cloud division, which includes server products and cloud services such as Azure, reported $25.9 billion in revenue, witnessing a growth of 20 percent compared to the previous year.
Personal Computing and Gaming Advancements
The More Personal Computing division of Microsoft, which consists of the Windows operating system, hardware devices, and gaming platforms including Xbox, reported revenues reaching $16.9 billion for the quarter. Among the highlights, the Xbox division saw an exceptional revenue jump of 61 percent, substantially bolstered by the successful closure of the Activision Blizzard acquisition in October 2023.
Windows revenues saw an overall increment of 9 percent, with Windows OEM revenues up by 11 percent and Windows Commercial products and cloud services revenue increasing by 9 percent compared to the same quarter last year. Despite these gains, Microsoft faced a downward trend in its Devices revenues, which took a 9 percent dip. During a scheduled conference call with financial analysts later today, further insights on the company's financial health and future revenue projections for the current quarter are anticipated.