Microsoft Q3 2021 results: Cloud revenue up, Dynamics 365 growth accelerates

April 27 2021

Microsoft announced its 2021 Q3 earnings, beating estimates with revenue of $41.7 billion, up 19%. Net income rose 44% to $15.5 billion and earnings per share were up 45%.

“The Microsoft Cloud, with its end-to-end solutions, continues to provide compelling value to our customers generating $17.7 billion in commercial cloud revenue, up 33% year over year," said Amy Hood, executive vice president and chief financial officer of Microsoft.

Azure revenue grew at 50%, once again. Last quarter, Azure revenue also grew at 50% while commercial cloud revenue increased 34% overall.  

Dynamics products and cloud services revenue growth increased to 26%, driven by Dynamics 365 revenue growth of 45%. In Q2 2021, Dynamics products and cloud services revenue rose 21% with Dynamics 365 revenue growth of 39%.

LinkedIn revenue increased 25%. Xbox content and services revenue increased 34%. Office Commercial products and cloud services revenue increased 14% while Office 365 Commercial revenue, which includes Teams grew 22%.

Microsoft announced its earnings with its stock at another 52-week high, but shares fell in after-hours trading.

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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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