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Microsoft 2023 Q4 Earnings: Cloud growth steady, commercial bookings slow

by Jason Gumpert

Microsoft reported Q4 2023 earnings per share of $2.69 on revenue of $56.2 billion, exceeding analyst estimates. Full-year revenue was $211.9 billion with earnings of of $9.68 per share.

“We delivered a solid close to the fiscal year driven by Microsoft Cloud quarterly revenue of $30.3 billion, up 21% (up 23% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. The broader category of Microsoft Cloud includes Azure, other cloud services, Office 365 Commercial, and commercial portions of LinkedIn, Dynamics 365, and other cloud properties,

While full-year earnings met analyst expectations, revenue did not.

Azure and other cloud services quarterly revenue grew 26%. The Intelligent Cloud segment overall grew 17%, generating $24.0 billion.

Dynamics products and services were up 19% in Q4, with Dynamics 365 revenue up 26%. The larger Productivity and Business Processes segment generated $18.3 billion, up 10% overall. Microsoft credits Office 365 with the revenue performance. In the previous quarter, Dynamics revenue grew 17% and a year earlier it grew 19%

In 2022 Q4, Microsoft reported earnings of $2.23 per share on $51.87 billion in revenue. Last quarter the company reported $2.45 per share on revenue of $52.9 billion.  

Commercial bookings were down 2%, which the company attributed to prior year comparables that benefited from large, multi-year commitments.

Microsoft stock had reached a new all-time high of $359.49 last week.

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About Jason Gumpert

As the editor of, Jason oversees all editorial content on the site and at our events, as well as providing site management and strategy. He can be reached at

Prior to co-founding, Jason was a Principal Software Consultant at Parametric Technology Corporation (PTC), where he implemented solutions, trained customers, managed software development, and spent some time in the pre-sales engineering organization. He has also held consulting positions at CSC Consulting and Monitor Group.

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