:max_bytes(150000):strip_icc()/GettyImages-1486417529-7ad5be2628de4b32b847fb0e8ecafbfa.jpg "Microsoft Q2 FY 2024 Earnings Blow Past Expectations on Cloud Growth")
Key Takeaways
- Microsoft posted better-than-expected net income of $21.9 billion or $2.93 per diluted share.
- The company’s revenue rose roughly 18% from a year ago to $62 billion, driven by growth in the intelligent cloud business.
- The company’s personal computing revenue surged 19%, while its productivity and business processes revenue grew 13%.
Microsoft Corp. (MSFT) blew past analyst expectations for earnings and revenue as it reported its second-quarter results for its fiscal year 2024. The company’s shares slipped 0.3% in after hours trading.
Net income grew 33% from a year ago to $21.9 billion, or $2.93 per diluted share, compared to the $20.6 billion or $2.77 per diluted share analysts consensus compiled by Visible Alpha.
Microsoft’s revenue rose to $62 billion, up roughly 18% compared to the same period in fiscal 2023 and higher than the $61 billion anticipated by analysts. The intelligent cloud business was a key driver, with revenue up 20%. The company’s personal computing revenue climbed 19%, while its productivity and business processes revenue grew 13%.
“By infusing AI across every layer of our tech stack, we’re winning new customers and helping drive new benefits and productivity gains across every sector, said Microsoft Chair and CEO Satya Nadella.
| Q2 FY 2024 | Analyst Estimates for Q2 FY2024 | Q2 FY2023 | Year-over-year % change | |
|---|---|---|---|---|
| Revenue | $62 billion | $61 billion | $52.7 billion | 17.5% |
| Earnings Per Share | $2.93 | $2.77 | $2.20 | 33% |
| Net Income | $21.9 billion | $20.6 billion | $16.4 billion | 33% |