Exhibit 99.1
Microsoft Cloud Strength Drives Fourth Quarter Results
REDMOND, Wash. — July 30, 2024 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year:
•Revenue was $64.7 billion and increased 15% (up 16% in constant currency)
•Operating income was $27.9 billion and increased 15% (up 16% in constant currency)
•Net income was $22.0 billion and increased 10% (up 11% in constant currency)
•Diluted earnings per share was $2.95 and increased 10% (up 11% in constant currency)
“Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft,” said Satya Nadella, chairman and chief executive officer of Microsoft. “As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era.”
“We closed out our fiscal year with a solid quarter, highlighted by record bookings and Microsoft Cloud quarterly revenue of $36.8 billion, up 21% (up 22% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.
Business Highlights
Revenue in Productivity and Business Processes was $20.3 billion and increased 11% (up 12% in constant currency), with the following business highlights:
•Office Commercial products and cloud services revenue increased 12% (up 13% in constant currency) driven by Office 365 Commercial revenue growth of 13% (up 14% in constant currency)
•Office Consumer products and cloud services revenue increased 3% (up 4% in constant currency) and Microsoft 365 Consumer subscribers grew to 82.5 million
•LinkedIn revenue increased 10% (up 9% in constant currency)
•Dynamics products and cloud services revenue increased 16% driven by Dynamics 365 revenue growth of 19% (up 20% in constant currency)
Revenue in Intelligent Cloud was $28.5 billion and increased 19% (up 20% in constant currency), with the following business highlights:
•Server products and cloud services revenue increased 21% (up 22% in constant currency) driven by Azure and other cloud services revenue growth of 29% (up 30% in constant currency)
Revenue in More Personal Computing was $15.9 billion and increased 14% (up 15% in constant currency), with the following business highlights:
•Windows revenue increased 7% (up 8% in constant currency) with Windows OEM revenue growth of 4% and Windows Commercial products and cloud services revenue growth of 11% (up 12% in constant currency)
•Devices revenue decreased 11% (down 9% in constant currency)
•Xbox content and services revenue increased 61% driven by 58 points of net impact from the Activision acquisition
•Search and news advertising revenue excluding traffic acquisition costs increased 19%
Microsoft returned $8.4 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2024.
Fiscal Year 2024 Results
Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2024, as compared to the corresponding period of last fiscal year:
•Revenue was $245.1 billion and increased 16% (up 15% in constant currency)
•Operating income was $109.4 billion and increased 24%, and increased 22% non-GAAP (up 21% in constant currency)
•Net income was $88.1 billion and increased 22%, and increased 20% non-GAAP
•Diluted earnings per share was $11.80 and increased 22%, and increased 20% non-GAAP
The following table reconciles our financial results for the fiscal year ended June 30, 2024, reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.
| | | | | | | | |
| | Twelve Months Ended June 30, |
| | | | | | | | |
| | | | | | | | |
($ in millions, except per share amounts) | | Revenue | | Operating
Income | | Net Income | | Diluted
Earnings
per Share |
| | | | | | | | |
| | | | | | | | |
2023 As Reported (GAAP) | | $211,915 | | $88,523 | | $72,361 | | $9.68 |
Severance, hardware-related impairment, and lease consolidation costs | | - | | 1,171 | | 946 | | 0.13 |
2023 As Adjusted (non-GAAP) | | $211,915 | | $89,694 | | $73,307 | | $9.81 |
2024 As Reported (GAAP) | | $245,122 | | $109,433 | | $88,136 | | $11.80 |
Percentage Change Y/Y (GAAP) | | 16% | | 24% | | 22% | | 22% |
Percentage Change Y/Y Constant Currency | | 15% | | 23% | | 21% | | 21% |
Percentage Change Y/Y (non-GAAP) | | 16% | | 22% | | 20% | | 20% |
Percentage Change Y/Y (non-GAAP) Constant Currency | | 15% | | 21% | | 20% | | 20% |
Business Outlook
Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
Quarterly Highlights, Product Releases, and Enhancements
Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.
Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.
Environmental, Social, and Governance (ESG)
To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency.
Webcast Details
Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Brett Iversen, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking
information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on July 30, 2025.
Non-GAAP Definition
Q2 charge. In the second quarter of fiscal year 2023, Microsoft recorded costs related to decisions announced on January 18th, 2023, including employee severance expenses, impairment charges resulting from changes to our hardware portfolio, and costs related to lease consolidation activities.
Microsoft has provided non-GAAP financial measures related to the Q2 charge to aid investors in better understanding our performance. Microsoft believes these non-GAAP measures assist investors by providing additional insight into its operational performance and help clarify trends affecting its business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
Constant Currency
Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
Financial Performance Constant Currency Reconciliation
| | | | | | | | |
| | Three Months Ended June 30, |
| | | | | | | | |
| | | | | | | | |
($ in millions, except per share amounts) | | Revenue | | Operating
Income | | Net Income | | Diluted
Earnings
per Share |
| | | | | | | | |
| | | | | | | | |
2023 As Reported (GAAP) | | $56,189 | | $24,254 | | $20,081 | | $2.69 |
2024 As Reported (GAAP) | | $64,727 | | $27,925 | | $22,036 | | $2.95 |
Percentage Change Y/Y (GAAP) | | 15% | | 15% | | 10% | | 10% |
Constant Currency Impact | | $(345) | | $(218) | | $(269) | | $(0.04) |
Percentage Change Y/Y Constant Currency | | 16% | | 16% | | 11% | | 11% |
| | | | | | | | |
| | Twelve Months Ended June 30, |
| | | | | | | | |
| | | | | | | | |
($ in millions, except per share amounts) | | Revenue | | Operating
Income | | Net Income | | Diluted
Earnings
per Share |
| | | | | | | | |
| | | | | | | | |
2023 As Reported (GAAP) | | $211,915 | | $88,523 | | $72,361 | | $9.68 |
2023 As Adjusted (non-GAAP) | | $211,915 | | $89,694 | | $73,307 | | $9.81 |
2024 As Reported (GAAP) | | $245,122 | | $109,433 | | $88,136 | | $11.80 |
Percentage Change Y/Y (GAAP) | | 16% | | 24% | | 22% | | 22% |
Percentage Change Y/Y (non-GAAP) | | 16% | | 22% | | 20% | | 20% |
Constant Currency Impact | | $900 | | $717 | | $312 | | $0.04 |
Percentage Change Y/Y Constant Currency | | 15% | | 23% | | 21% | | 21% |
Percentage Change Y/Y (non-GAAP) Constant Currency | | 15% | | 21% | | 20% | | 20% |
Segment Revenue Constant Currency Reconciliation
| | | | | | |
| | Three Months Ended June 30, |
| | | | | | |
| | | | | | |
($ in millions) | | Productivity and
Business Processes | | Intelligent Cloud | | More Personal
Computing |
| | | | | | |
| | | | | | |
2023 As Reported (GAAP) | | $18,291 | | $23,993 | | $13,905 |
2024 As Reported (GAAP) | | $20,317 | | $28,515 | | $15,895 |
Percentage Change Y/Y (GAAP) | | 11% | | 19% | | 14% |
Constant Currency Impact | | $(106) | | $(174) | | $(65) |
Percentage Change Y/Y Constant Currency | | 12% | | 20% | | 15% |
Selected Product and Service Revenue Constant Currency Reconciliation
| | | | | | |
| | Three Months Ended June 30, 2024 |
| | | | | | |
| | | | | | |
| | Percentage Change Y/Y (GAAP) | | Constant Currency Impact | | Percentage Change Y/Y Constant Currency |
| | | | | | |
| | | | | | |
Microsoft Cloud | | 21% | | 1% | | 22% |
Office Commercial products and cloud services | | 12% | | 1% | | 13% |
Office 365 Commercial | | 13% | | 1% | | 14% |
Office Consumer products and cloud services | | 3% | | 1% | | 4% |
LinkedIn | | 10% | | (1)% | | 9% |
Dynamics products and cloud services | | 16% | | 0% | | 16% |
Dynamics 365 | | 19% | | 1% | | 20% |
Server products and cloud services | | 21% | | 1% | | 22% |
Azure and other cloud services | | 29% | | 1% | | 30% |
Windows | | 7% | | 1% | | 8% |
Windows OEM | | 4% | | 0% | | 4% |
Windows Commercial products and cloud services | | 11% | | 1% | | 12% |
Devices | | (11)% | | 2% | | (9)% |
Xbox content and services | | 61% | | 0% | | 61% |
Search and news advertising excluding traffic acquisition costs | | 19% | | 0% | | 19% |
About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
Forward-Looking Statements
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
•intense competition in all of our markets that may adversely affect our results of operations;
•focus on cloud-based and AI services presenting execution and competitive risks;
•significant investments in products and services that may not achieve expected returns;
•acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;
•impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;
•cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
•disclosure and misuse of personal data that could cause liability and harm to our reputation;
•the possibility that we may not be able to protect information stored in our products and services from use by others;
•abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;
•products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
•issues about the use of artificial intelligence in our offerings that may result in reputational or competitive harm, or legal liability;
•excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
•quality or supply problems;
•government enforcement under competition laws and new market regulation may limit how we design and market our products;
•potential consequences of trade and anti-corruption laws;
•potential consequences of existing and increasing legal and regulatory requirements;
•laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;
•claims against us that may result in adverse outcomes in legal disputes;
•uncertainties relating to our business with government customers;
•additional tax liabilities;
•sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;
•an inability to protect and utilize our intellectual property may harm our business and operating results;
•claims that Microsoft has infringed the intellectual property rights of others;
•damage to our reputation or our brands that may harm our business and results of operations;
•adverse economic or market conditions that may harm our business;
•catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;
•exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange and
•the dependence of our business on our ability to attract and retain talented employees.
For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.
All information in this release is as of June 30, 2024. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
For more information, press only:
Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com
For more information, financial analysts and investors only:
Brett Iversen, Vice President, Investor Relations, (425) 706-4400
Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.
MICROSOFT CORPORATION
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
| | | | | | | | |
| | Three Months Ended
June 30, | | Twelve Months Ended
June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| | | | | | | | |
Revenue: | | | | | | | | |
Product | | $13,217 | | $16,853 | | $64,773 | | $64,699 |
Service and other | | 51,510 | | 39,336 | | 180,349 | | 147,216 |
| | | | | | | | |
| | | | | | | | |
Total revenue | | 64,727 | | 56,189 | | 245,122 | | 211,915 |
| | | | | | | | |
| | | | | | | | |
Cost of revenue: | | | | | | | | |
Product | | 1,438 | | 3,871 | | 15,272 | | 17,804 |
Service and other | | 18,246 | | 12,924 | | 58,842 | | 48,059 |
| | | | | | | | |
| | | | | | | | |
Total cost of revenue | | 19,684 | | 16,795 | | 74,114 | | 65,863 |
| | | | | | | | |
| | | | | | | | |
Gross margin | | 45,043 | | 39,394 | | 171,008 | | 146,052 |
Research and development | | 8,056 | | 6,739 | | 29,510 | | 27,195 |
Sales and marketing | | 6,816 | | 6,204 | | 24,456 | | 22,759 |
General and administrative | | 2,246 | | 2,197 | | 7,609 | | 7,575 |
| | | | | | | | |
| | | | | | | | |
Operating income | | 27,925 | | 24,254 | | 109,433 | | 88,523 |
Other income (expense), net | | (675) | | 473 | | (1,646) | | 788 |
| | | | | | | | |
| | | | | | | | |
Income before income taxes | | 27,250 | | 24,727 | | 107,787 | | 89,311 |
Provision for income taxes | | 5,214 | | 4,646 | | 19,651 | | 16,950 |
| | | | | | | | |
| | | | | | | | |
Net income | | $22,036 | | $20,081 | | $88,136 | | $72,361 |
| | | | | | | | |
| | | | | | | | |
Earnings per share: | | | | | | | | |
Basic | | $2.96 | | $2.70 | | $11.86 | | $9.72 |
Diluted | | $2.95 | | $2.69 | | $11.80 | | $9.68 |
| | | | | | | | |
Weighted average shares outstanding: | | | | | | | | |
Basic | | 7,433 | | 7,434 | | 7,431 | | 7,446 |
Diluted | | 7,472 | | 7,467 | | 7,469 | | 7,472 |
| | | | | | | | |
COMPREHENSIVE INCOME STATEMENTS
(In millions) (Unaudited)
| | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | June 30, | | June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| | | | | | | | |
Net income | | $22,036 | | $20,081 | | $88,136 | | $72,361 |
| | | | | | | | |
| | | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | | |
Net change related to derivatives | | (4) | | 20 | | 24 | | (14) |
Net change related to investments | | 88 | | (648) | | 957 | | (1,444) |
Translation adjustments and other | | (239) | | (71) | | (228) | | (207) |
| | | | | | | | |
| | | | | | | | |
Other comprehensive income (loss) | | (155) | | (699) | | 753 | | (1,665) |
| | | | | | | | |
| | | | | | | | |
Comprehensive income | | $21,881 | | $19,382 | | $88,889 | | $70,696 |
| | | | | | | | |
BALANCE SHEETS
(In millions) (Unaudited)
| | | | |
| | June 30,
2024 | | June 30,
2023 |
| | | | |
| | | | |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $18,315 | | $34,704 |
Short-term investments | | 57,228 | | 76,558 |
| | | | |
| | | | |
Total cash, cash equivalents, and short-term investments | | 75,543 | | 111,262 |
Accounts receivable, net of allowance for doubtful accounts of $830 and $650 | | 56,924 | | 48,688 |
Inventories | | 1,246 | | 2,500 |
Other current assets | | 26,021 | | 21,807 |
| | | | |
| | | | |
Total current assets | | 159,734 | | 184,257 |
Property and equipment, net of accumulated depreciation of $76,421 and $68,251 | | 135,591 | | 95,641 |
Operating lease right-of-use assets | | 18,961 | | 14,346 |
Equity and other investments | | 14,600 | | 9,879 |
Goodwill | | 119,220 | | 67,886 |
Intangible assets, net | | 27,597 | | 9,366 |
Other long-term assets | | 36,460 | | 30,601 |
| | | | |
| | | | |
Total assets | | $512,163 | | $411,976 |
| | | | |
| | | | |
Liabilities and stockholders' equity | | | | |
Current liabilities: | | | | |
Accounts payable | | $21,996 | | $18,095 |
Short-term debt | | 6,693 | | 0 |
Current portion of long-term debt | | 2,249 | | 5,247 |
Accrued compensation | | 12,564 | | 11,009 |
Short-term income taxes | | 5,017 | | 4,152 |
Short-term unearned revenue | | 57,582 | | 50,901 |
Other current liabilities | | 19,185 | | 14,745 |
| | | | |
| | | | |
Total current liabilities | | 125,286 | | 104,149 |
Long-term debt | | 42,688 | | 41,990 |
Long-term income taxes | | 27,931 | | 25,560 |
Long-term unearned revenue | | 2,602 | | 2,912 |
Deferred income taxes | | 2,618 | | 433 |
Operating lease liabilities | | 15,497 | | 12,728 |
Other long-term liabilities | | 27,064 | | 17,981 |
| | | | |
| | | | |
Total liabilities | | 243,686 | | 205,753 |
| | | | |
| | | | |
Commitments and contingencies | | | | |
Stockholders' equity: | | | | |
Common stock and paid-in capital - shares authorized 24,000; outstanding 7,434 and 7,432 | | 100,923 | | 93,718 |
Retained earnings | | 173,144 | | 118,848 |
Accumulated other comprehensive loss | | (5,590) | | (6,343) |
| | | | |
| | | | |
Total stockholders' equity | | 268,477 | | 206,223 |
| | | | |
| | | | |
Total liabilities and stockholders' equity | | $512,163 | | $411,976 |
| | | | |
CASH FLOWS STATEMENTS
(In millions) (Unaudited)
| | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | June 30, | | June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| | | | | | | | |
Operations | | | | | | | | |
Net income | | $22,036 | | $20,081 | | $88,136 | | $72,361 |
Adjustments to reconcile net income to net cash from operations: | | | | | | | | |
Depreciation, amortization, and other | | 6,380 | | 3,874 | | 22,287 | | 13,861 |
Stock-based compensation expense | | 2,696 | | 2,416 | | 10,734 | | 9,611 |
Net recognized losses on investments and derivatives | | 44 | | 44 | | 305 | | 196 |
Deferred income taxes | | (1,145) | | (1,888) | | (4,738) | | (6,059) |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts receivable | | (13,246) | | (11,244) | | (7,191) | | (4,087) |
Inventories | | 55 | | 374 | | 1,284 | | 1,242 |
Other current assets | | (2,528) | | (2,419) | | (1,648) | | (1,991) |
Other long-term assets | | (1,240) | | (1,548) | | (6,817) | | (2,833) |
Accounts payable | | 4,204 | | 1,311 | | 3,545 | | (2,721) |
Unearned revenue | | 15,657 | | 14,224 | | 5,348 | | 5,535 |
Income taxes | | (806) | | 681 | | 1,687 | | (358) |
Other current liabilities | | 4,652 | | 2,762 | | 4,867 | | 2,272 |
Other long-term liabilities | | 436 | | 102 | | 749 | | 553 |
| | | | | | | | |
| | | | | | | | |
Net cash from operations | | 37,195 | | 28,770 | | 118,548 | | 87,582 |
| | | | | | | | |
| | | | | | | | |
Financing | | | | | | | | |
Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net | | (1,142) | | 0 | | 5,250 | | 0 |
Proceeds from issuance of debt | | 197 | | 0 | | 24,395 | | 0 |
Repayments of debt | | (13,065) | | (1,000) | | (29,070) | | (2,750) |
Common stock issued | | 534 | | 512 | | 2,002 | | 1,866 |
Common stock repurchased | | (4,210) | | (5,704) | | (17,254) | | (22,245) |
Common stock cash dividends paid | | (5,574) | | (5,054) | | (21,771) | | (19,800) |
Other, net | | (303) | | (167) | | (1,309) | | (1,006) |
| | | | | | | | |
| | | | | | | | |
Net cash used in financing | | (23,563) | | (11,413) | | (37,757) | | (43,935) |
| | | | | | | | |
| | | | | | | | |
Investing | | | | | | | | |
Additions to property and equipment | | (13,873) | | (8,943) | | (44,477) | | (28,107) |
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets | | (1,342) | | (341) | | (69,132) | | (1,670) |
Purchases of investments | | (2,831) | | (11,976) | | (17,732) | | (37,651) |
Maturities of investments | | 1,557 | | 6,766 | | 24,775 | | 33,510 |
Sales of investments | | 2,023 | | 5,629 | | 10,894 | | 14,354 |
Other, net | | (382) | | (269) | | (1,298) | | (3,116) |
| | | | | | | | |
| | | | | | | | |
Net cash used in investing | | (14,848) | | (9,134) | | (96,970) | | (22,680) |
| | | | | | | | |
| | | | | | | | |
Effect of foreign exchange rates on cash and cash equivalents | | (103) | | (81) | | (210) | | (194) |
| | | | | | | | |
| | | | | | | | |
Net change in cash and cash equivalents | | (1,319) | | 8,142 | | (16,389) | | 20,773 |
Cash and cash equivalents, beginning of period | | 19,634 | | 26,562 | | 34,704 | | 13,931 |
| | | | | | | | |
| | | | | | | | |
Cash and cash equivalents, end of period | | $18,315 | | $34,704 | | $18,315 | | $34,704 |
| | | | | | | | |
SEGMENT REVENUE AND OPERATING INCOME
(In millions) (Unaudited)
| | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | June 30, | | June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| | | | | | | | |
Revenue | | | | | | | | |
| | | | | | | | |
Productivity and Business Processes | | $20,317 | | $18,291 | | $77,728 | | $69,274 |
Intelligent Cloud | | 28,515 | | 23,993 | | 105,362 | | 87,907 |
More Personal Computing | | 15,895 | | 13,905 | | 62,032 | | 54,734 |
| | | | | | | | |
| | | | | | | | |
Total | | $64,727 | | $56,189 | | $245,122 | | $211,915 |
| | | | | | | | |
| | | | | | | | |
Operating Income | | | | | | | | |
| | | | | | | | |
Productivity and Business Processes | | $10,143 | | $9,052 | | $40,540 | | $34,189 |
Intelligent Cloud | | 12,859 | | 10,526 | | 49,584 | | 37,884 |
More Personal Computing | | 4,923 | | 4,676 | | 19,309 | | 16,450 |
| | | | | | | | |
| | | | | | | | |
Total | | $27,925 | | $24,254 | | $109,433 | | $88,523 |
| | | | | | | | |
