Microsoft Announces Strong Third Quarter Results, Driven by Cloud Growth

Microsoft Corp. reported strong financial results for its third quarter of fiscal year 2024, driven by continued growth in its cloud computing business.

The company's revenue increased by 18% year-over-year to $52.7 billion, with net income rising by 16% to $18.7 billion.

The growth was primarily driven by Microsoft's cloud services, including Azure, Office 365, and Dynamics 365, which saw a combined revenue increase of 20%.

"Our third-quarter results reflect the continued strength of our cloud business, which is helping organizations around the world digitally transform," said Satya Nadella, Microsoft's Chairman and CEO.

The company also reported that its operating expenses increased by 14% to $40.5 billion, reflecting investments in research and development, marketing, and sales.

Overall, Microsoft's strong third-quarter results highlight the momentum of its cloud business and its position as a leader in the digital transformation market.