Microsoft recorded revenues of $52.9 billion for its fiscal third quarter 2023 time period that ended on March 31, 2023. Those numbers were up 7 percent from the same period a year ago and higher than the $51.02 billion number that was predicted by financial analysts, according to CNBC.
The company's earning release for the quarter stated its operating income was $22.4 billion, up 10 percent from the same period a year ago, and that its net income was $18.3 billion, up 9 percent from the same period a year ago. Diluted earnings per share were $2.45, up 10 percent compared to a year ago and higher than the $2.23 per share predicted by analysts. Microsoft's stock went up about 4.5 percent in after-hours trading following the financial news release.
While revenues were up in Microsoft's Productivity and Business Processes and in its Intelligent Cloud divisions, that was not the case in its More Personal Computing division. It recorded revenues of $13.3 billion for the quarter, down 9 percent from a year ago. That was due mostly to big declines in Windows OEM revenue, which were down 28 percent, and Devices revenue which went down by 30 percent.
Gaming revenues were down 4 percent overall. That included a big 30 percent drop in Xbox hardware. However, Xbox content and services were up 4 percent, thanks largely to growth in Xbox Game Pass revenue.
Windows Commercial products and cloud services had revenue increases of 14 percent, and its Search and news advertising revenue, excluding traffic acquisition costs, was up by 10 percent.
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