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Lower than expected cloud business drives Microsoft first quarter 2023 results

Autor: Financial Market
Timp de citit: 2 minute

Micorsoft shares tumbled more than 6% after Microsoft’s Intelligent Cloud business segment, which includes the Azure public cloud, generated $20.33 billion in quarterly revenue, less than the $20.36 billion consensus among analysts.

The company reported Revenue of $50.1 billion (+11%), operating income of $21.5 billion (+6%) while net income and diluted earnings per share both decreased 14% and 13% up to $17.6 billion respectively $2.35.

In a world facing increasing headwinds, digital technology is the ultimate tailwind,” said Satya Nadella, chairman and chief executive officer of Microsoft.

This quarter Microsoft Cloud revenue was $25.7 billion, up 24% (up 31% in constant currency) year-over-year. We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $16.5 billion and increased 9%, with the following business highlights:

· Office Commercial products and cloud services revenue increased 7% driven by Office 365 Commercial revenue growth of 11%

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· Office Consumer products and cloud services revenue increased 7% and Microsoft 365 Consumer subscribers grew to 61.3 million

· LinkedIn revenue increased 17%

· Dynamics products and cloud services revenue increased 15% driven by Dynamics 365 revenue growth of 24%

Revenue in Intelligent Cloud was $20.3 billion and increased 20%, with the following business highlights:

· Server products and cloud services revenue increased 22% driven by Azure and other cloud services revenue growth of 35%

Revenue in More Personal Computing was $13.3 billion and decreased slightly, with the following business highlights:

· Windows OEM revenue decreased 15%

· Windows Commercial products and cloud services revenue increased 8%

· Xbox content and services revenue decreased 3%

· Search and news advertising revenue excluding traffic acquisition costs increased 16%

· Devices revenue increased 2%

Microsoft returned $9.7 billion to shareholders in the form of share repurchases and dividends in the first quarter of fiscal year 2023, a decrease of 11% compared to the first quarter of fiscal year 2022.