Microsoft Reports Strong Third Quarter Results, Driven by Microsoft Cloud Strength

Fiscal Year 2024 Third Quarter Earnings Release

August 31, 2022 10:30 AM PT

REDMOND, Wash. – August 31, 2022 – Microsoft Corp. (Nasdaq: MSFT) today reported results for its third quarter of fiscal year 2024. Earnings per share were $2.23, an increase of 11% from the same quarter a year ago.

Microsoft Cloud revenue was $25.7 billion, an increase of 25% year-over-year. This growth was driven by strong demand for Azure, which grew 40% and now has an annualized run rate of over $80 billion. Dynamics 365 revenue also grew 21% and now has an annualized run rate of over $17 billion.

"Our continued growth in the third quarter reflects the strength of our cloud business and the increasing adoption of our solutions by customers worldwide," said Amy Hood, executive vice president and chief financial officer of Microsoft.

Other highlights from the quarter include:

• Commercial bookings increased 28% year-over-year.
• Operating income was $20.5 billion, an increase of 15% from the same quarter a year ago.
• Net income was $17.6 billion, an increase of 12% from the same quarter a year ago.

"We are well-positioned to continue to drive growth and innovation in the years to come," said Satya Nadella, chairman and CEO of Microsoft.