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0000789019false00007890192024-04-252024-04-250000789019us-gaap:CommonStockMember2024-04-252024-04-250000789019msft:NotesThreePointOneTwoFivePercentDueDecemberSixTwentyTwentyEightMember2024-04-252024-04-250000789019msft:NotesTwoPointSixTwoFivePercentDueMayTwoTwentyThirtyThreeMember2024-04-252024-04-25

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 25, 2024

Microsoft Corporation

 

 

 

 

 

Washington

 

001-37845

91-1144442

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

(IRS Employer

Identification No.)

 

One Microsoft Way, Redmond, Washington 98052-6399

(425) 882-8080

www.microsoft.com/investor

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of exchange on which registered

 

 

 

 

 

Common stock, $0.00000625 par value per share

 

MSFT

 

NASDAQ

3.125% Notes due 2028

 

MSFT

 

NASDAQ

2.625% Notes due 2033

 

MSFT

 

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


 

Item 2.02.

Results of Operations and Financial Condition

On April 25, 2024, Microsoft Corporation issued a press release announcing its financial results for the fiscal quarter ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits:

99.1

Press release, dated April 25, 2024, issued by Microsoft Corporation

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

MICROSOFT CORPORATION

 

(Registrant)

 

 

Date: April 25, 2024

/s/ ALICE L. JOLLA

 

Alice L. Jolla

 

Corporate Vice President and

Chief Accounting Officer

 


EX-99.1 2 msft-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Microsoft Cloud Strength Fuels Third Quarter Results

REDMOND, Wash. — April 25, 2024 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2024, as compared to the corresponding period of last fiscal year:

Revenue was $61.9 billion and increased 17%
Operating income was $27.6 billion and increased 23%
Net income was $21.9 billion and increased 20%
Diluted earnings per share was $2.94 and increased 20%

“Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,” said Satya Nadella, chairman and chief executive officer of Microsoft.

“This quarter Microsoft Cloud revenue was $35.1 billion, up 23% year-over-year, driven by strong execution by our sales teams and partners,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $19.6 billion and increased 12% (up 11% in constant currency), with the following business highlights:

Office Commercial products and cloud services revenue increased 13% (up 12% in constant currency) driven by Office 365 Commercial revenue growth of 15%
Office Consumer products and cloud services revenue increased 4% and Microsoft 365 Consumer subscribers grew to 80.8 million
LinkedIn revenue increased 10% (up 9% in constant currency)
Dynamics products and cloud services revenue increased 19% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 22% in constant currency)

Revenue in Intelligent Cloud was $26.7 billion and increased 21%, with the following business highlights:

Server products and cloud services revenue increased 24% driven by Azure and other cloud services revenue growth of 31%

Revenue in More Personal Computing was $15.6 billion and increased 17%, with the following business highlights:

Windows revenue increased 11% with Windows OEM revenue growth of 11% and Windows Commercial products and cloud services revenue growth of 13% (up 12% in constant currency)
Devices revenue decreased 17% (down 16% in constant currency)
Xbox content and services revenue increased 62% (up 61% in constant currency) driven by 61 points of net impact from the Activision acquisition
Search and news advertising revenue excluding traffic acquisition costs increased 12%

Microsoft returned $8.4 billion to shareholders in the form of share repurchases and dividends in the third quarter of fiscal year 2024.

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 better execute on Microsoft’s mission, we focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our investor relations ESG website.

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 April 25, 2025.

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 March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 ($ in millions, except per share amounts)

 

Revenue

 

Operating
Income

 

Net Income

 

Diluted
Earnings
per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 As Reported (GAAP)

 

$52,857

 

$22,352

 

$18,299

 

$2.45

2024 As Reported (GAAP)

 

$61,858

 

$27,581

 

$21,939

 

$2.94

Percentage Change Y/Y (GAAP)

 

17%

 

23%

 

20%

 

20%

Constant Currency Impact

 

$189

 

$167

 

$(76)

 

$(0.01)

Percentage Change Y/Y Constant Currency

 

17%

 

23%

 

20%

 

20%

 

 

 


Segment Revenue Constant Currency Reconciliation

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 ($ in millions)

 

Productivity and
Business Processes

 

Intelligent Cloud

 

More Personal
Computing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 As Reported (GAAP)

 

$17,516

 

$22,081

 

$13,260

2024 As Reported (GAAP)

 

$19,570

 

$26,708

 

$15,580

Percentage Change Y/Y (GAAP)

 

12%

 

21%

 

17%

Constant Currency Impact

 

$85

 

$65

 

$39

Percentage Change Y/Y Constant Currency

 

11%

 

21%

 

17%

 

 

Selected Product and Service Revenue Constant Currency Reconciliation

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change Y/Y (GAAP)

 

Constant Currency Impact

 

Percentage Change Y/Y Constant Currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Cloud

 

23%

 

0%

 

23%

Office Commercial products and cloud services

 

13%

 

(1)%

 

12%

Office 365 Commercial

 

15%

 

0%

 

15%

Office Consumer products and cloud services

 

4%

 

0%

 

4%

LinkedIn

 

10%

 

(1)%

 

9%

Dynamics products and cloud services

 

19%

 

(2)%

 

17%

Dynamics 365

 

23%

 

(1)%

 

22%

Server products and cloud services

 

24%

 

0%

 

24%

Azure and other cloud services

 

31%

 

0%

 

31%

Windows

 

11%

 

0%

 

11%

Windows OEM

 

11%

 

0%

 

11%

Windows Commercial products and cloud services

 

13%

 

(1)%

 

12%

Devices

 

(17)%

 

1%

 

(16)%

Xbox content and services

 

62%

 

(1)%

 

61%

Search and news advertising excluding traffic acquisition costs

 

12%

 

0%

 

12%

 

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is 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 lead to lower revenue or operating margins;
focus on cloud-based 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;
the development of the internet of things 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;
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 operating results;
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 March 31, 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 Brett Iversen, Vice President, Investor Relations, (425) 706-4400

 

 


For more information, financial analysts and investors only:

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
March 31,

 

Nine Months Ended
March 31,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

Product

 

$17,080

 

$15,588

 

$51,556

 

$47,846

Service and other

 

44,778

 

37,269

 

128,839

 

107,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

61,858

 

52,857

 

180,395

 

155,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

Product

 

4,339

 

3,941

 

13,834

 

13,933

Service and other

 

14,166

 

12,187

 

40,596

 

35,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost of revenue

 

18,505

 

16,128

 

54,430

 

49,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

43,353

 

36,729

 

125,965

 

106,658

Research and development

 

7,653

 

6,984

 

21,454

 

20,456

Sales and marketing

 

6,207

 

5,750

 

17,640

 

16,555

General and administrative

 

1,912

 

1,643

 

5,363

 

5,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

27,581

 

22,352

 

81,508

 

64,269

Other income (expense), net

 

(854)

 

321

 

(971)

 

315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

26,727

 

22,673

 

80,537

 

64,584

Provision for income taxes

 

4,788

 

4,374

 

14,437

 

12,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$21,939

 

$18,299

 

$66,100

 

$52,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$2.95

 

$2.46

 

$8.90

 

$7.02

Diluted

 

$2.94

 

$2.45

 

$8.85

 

$6.99

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

7,431

 

7,441

 

7,431

 

7,450

Diluted

 

7,472

 

7,464

 

7,467

 

7,474

 

 

 

 

 

 

 

 

 

 

 

 


COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

March 31,

 

March 31,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$21,939

 

$18,299

 

$66,100

 

$52,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Net change related to derivatives

 

10

 

(9)

 

28

 

(34)

Net change related to investments

 

(202)

 

753

 

869

 

(796)

Translation adjustments and other

 

(294)

 

69

 

11

 

(136)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

(486)

 

813

 

908

 

(966)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$21,453

 

$19,112

 

$67,008

 

$51,314

 

 

 

 

 

 

 

 

 

 

 

 


BALANCE SHEETS

(In millions) (Unaudited)

 

 

March 31,
2024

 

June 30,
2023

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$19,634

 

$34,704

Short-term investments

 

60,387

 

76,558

 

 

 

 

 

 

 

 

 

 

Total cash, cash equivalents, and short-term investments

 

80,021

 

111,262

Accounts receivable, net of allowance for doubtful accounts of $616 and $650

 

44,029

 

48,688

Inventories

 

1,304

 

2,500

Other current assets

 

21,826

 

21,807

 

 

 

 

 

 

 

 

 

 

Total current assets

 

147,180

 

184,257

Property and equipment, net of accumulated depreciation of $74,945 and $68,251

 

121,375

 

95,641

Operating lease right-of-use assets

 

17,371

 

14,346

Equity and other investments

 

14,807

 

9,879

Goodwill

 

119,163

 

67,886

Intangible assets, net

 

28,828

 

9,366

Other long-term assets

 

35,551

 

30,601

 

 

 

 

 

 

 

 

 

 

Total assets

 

$484,275

 

$411,976

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$18,087

 

$18,095

Short-term debt

 

20,535

 

0

Current portion of long-term debt

 

2,249

 

5,247

Accrued compensation

 

10,432

 

11,009

Short-term income taxes

 

7,311

 

4,152

Short-term unearned revenue

 

41,888

 

50,901

Other current liabilities

 

18,023

 

14,745

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

118,525

 

104,149

Long-term debt

 

42,658

 

41,990

Long-term income taxes

 

26,786

 

25,560

Long-term unearned revenue

 

2,945

 

2,912

Deferred income taxes

 

2,469

 

433

Operating lease liabilities

 

14,469

 

12,728

Other long-term liabilities

 

23,271

 

17,981

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

231,123

 

205,753

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock and paid-in capital - shares authorized 24,000; outstanding 7,433 and 7,432

 

99,193

 

93,718

Retained earnings

 

159,394

 

118,848

Accumulated other comprehensive loss

 

(5,435)

 

(6,343)

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

253,152

 

206,223

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$484,275

 

$411,976

 

 

 

 

 

 

 

 


CASH FLOWS STATEMENTS

(In millions) (Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

March 31,

 

March 31,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations

 

 

 

 

 

 

 

 

Net income

 

$21,939

 

$18,299

 

$66,100

 

$52,280

Adjustments to reconcile net income to net cash from operations:

 

 

 

 

 

 

 

 

Depreciation, amortization, and other

 

6,027

 

3,549

 

15,907

 

9,987

Stock-based compensation expense

 

2,703

 

2,465

 

8,038

 

7,195

Net recognized losses (gains) on investments and derivatives

 

49

 

(40)

 

261

 

152

Deferred income taxes

 

(1,323)

 

(1,675)

 

(3,593)

 

(4,171)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

(2,028)

 

(1,408)

 

6,055

 

7,157

Inventories

 

260

 

106

 

1,229

 

868

Other current assets

 

951

 

1,152

 

880

 

428

Other long-term assets

 

(2,137)

 

(554)

 

(5,577)

 

(1,285)

Accounts payable

 

648

 

(407)

 

(659)

 

(4,032)

Unearned revenue

 

(645)

 

(181)

 

(10,309)

 

(8,689)

Income taxes

 

2,622

 

1,414

 

2,493

 

(1,039)

Other current liabilities

 

2,803

 

1,715

 

215

 

(490)

Other long-term liabilities

 

48

 

6

 

313

 

451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from operations

 

31,917

 

24,441

 

81,353

 

58,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing

 

 

 

 

 

 

 

 

Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net

 

(3,810)

 

0

 

6,392

 

0

Proceeds from issuance of debt

 

6,352

 

0

 

24,198

 

0

Repayments of debt

 

(11,589)

 

0

 

(16,005)

 

(1,750)

Common stock issued

 

522

 

536

 

1,468

 

1,354

Common stock repurchased

 

(4,213)

 

(5,509)

 

(13,044)

 

(16,541)

Common stock cash dividends paid

 

(5,572)

 

(5,059)

 

(16,197)

 

(14,746)

Other, net

 

(498)

 

(258)

 

(1,006)

 

(839)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in financing

 

(18,808)

 

(10,290)

 

(14,194)

 

(32,522)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing

 

 

 

 

 

 

 

 

Additions to property and equipment

 

(10,952)

 

(6,607)

 

(30,604)

 

(19,164)

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

 

(1,575)

 

(301)

 

(67,790)

 

(1,329)

Purchases of investments

 

(2,183)

 

(9,063)

 

(14,901)

 

(25,675)

Maturities of investments

 

3,350

 

13,154

 

23,218

 

26,744

Sales of investments

 

1,941

 

1,239

 

8,871

 

8,725

Other, net

 

(1,281)

 

(1,686)

 

(916)

 

(2,847)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing

 

(10,700)

 

(3,264)

 

(82,122)

 

(13,546)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign exchange rates on cash and cash equivalents

 

(80)

 

29

 

(107)

 

(113)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

2,329

 

10,916

 

(15,070)

 

12,631

Cash and cash equivalents, beginning of period

 

17,305

 

15,646

 

34,704

 

13,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$19,634

 

$26,562

 

$19,634

 

$26,562

 

 

 

 

 

 

 

 

 

 

 

 


SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

March 31,

 

March 31,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Productivity and Business Processes

 

$19,570

 

$17,516

 

$57,411

 

$50,983

Intelligent Cloud

 

26,708

 

22,081

 

76,847

 

63,914

More Personal Computing

 

15,580

 

13,260

 

46,137

 

40,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$61,858

 

$52,857

 

$180,395

 

$155,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Productivity and Business Processes

 

$10,143

 

$8,639

 

$30,397

 

$25,137

Intelligent Cloud

 

12,513

 

9,476

 

36,725

 

27,358

More Personal Computing

 

4,925

 

4,237

 

14,386

 

11,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$27,581

 

$22,352

 

$81,508

 

$64,269