Microsoft reports 16 percent surge in revenue for Q3
Date
10/31/2024 8:47:32 AM
(MENAFN) Microsoft, the US-based technology giant, reported a robust 16 percent increase in revenue for the third quarter of this year, as disclosed in its financial results statement released on Wednesday. The company's total revenue reached USD65.6 billion, compared to USD56.5 billion during the same period last year, showcasing significant growth across its various segments.
In the statement, Microsoft highlighted that its Microsoft 365 Consumer products and cloud services revenue grew by 5 percent, fueled by a 6 percent increase in Microsoft 365 Consumer cloud revenue. The Intelligent Cloud segment, a critical area for the company, generated USD24.1 billion, reflecting a strong 20 percent year-on-year growth.
Satya Nadella, Microsoft’s chairman and CEO, emphasized the transformative impact of artificial intelligence (AI) on the workforce, stating that it is reshaping work processes and business operations across various roles and functions. He noted that this transformation has opened new opportunities for Microsoft, allowing the company to attract new customers as they leverage AI platforms and tools to foster growth and improve operational efficiency.
Additionally, Amy Hood, Microsoft’s executive vice president and CFO, reported that the Microsoft Cloud segment achieved a remarkable USD38.9 billion in revenue, marking a 22 percent increase compared to the previous year. This growth underscores the increasing demand for cloud services as businesses continue to embrace digital transformation initiatives.
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