Microsoft's Q4 2023 revenue soars 18% driven by AI integration
Microsoft, the US-based global tech giant, has witnessed a remarkable 18% increase in revenue during the final quarter of 2023, as revealed in its financial results statement released on Tuesday.
For the three months ending on December 31, which Microsoft designates as the second quarter of the 2024 fiscal year, the company recorded a revenue of $62 billion.
The net income exceeded $21.8 billion, while the operating income reached $27 billion, both marking a substantial 33% rise compared to the corresponding period in the previous year.
"We’ve transitioned from merely discussing AI to implementing AI at an extensive scale," stated Chairman and CEO Satya Nadella about artificial intelligence. "By integrating AI throughout every layer of our technology stack, we are attracting new customers and contributing to increased benefits and enhanced productivity in all sectors."
Amy Hood, Executive Vice President and Chief Financial Officer of Microsoft, reported that Microsoft Cloud revenue had surged by 24% year-on-year, reaching $33.7 billion during the October-December period.
Additionally, the company's Intelligent Cloud unit achieved a revenue of $25.9 billion, marking a substantial 20% increase according to the financial results.
Last Friday, Microsoft's market value surpassed the $3 trillion mark, overtaking Apple as the world's most valuable publicly traded company by market capitalization.
As of Tuesday's market close, Microsoft's market value had reached $3.04 trillion, while Apple's market capitalization had declined to $2.91 trillion.
