Microsoft 2023 Q1: Azure, Business Apps revenue growth slows, but earnings outperform
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Microsoft announced Q1 2023 earnings of $2.35 per share on net income of $11.7 billion and revenue of $50.1 billion, beating analyst estimates.
"We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers,” said Amy Hood, executive vice president and chief financial officer of Microsoft, in a statement.
Among the performance highlights:
- Dynamics 365 revenue grew of 24%
- Azure and other cloud services revenue growth of 35%
- Office 365 Commercial revenue growth of 11%
- LinkedIn revenue increased 17%
The company noted a 3% decline in commercial bookings. Dynamics revenue growth decelerated from 19% last quarter and 31% in 2022 Q1. Azure's 35% revenue growth was a decrease from 40% last quarter and 50% in 2022 Q1.
In the Intelligent Cloud sector, expenses grew by 25%. In earnings presentation slides, the company classified Nuance as part of Intelligent Cloud rather than in Productivity and Business Processes where Dynamics, Power Platform, LinkedIn, and Office reside.
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