Microsoft (NASDAQ:MSFT) reported net income of $20.1 billion in the fourth fiscal quarter of 2023 (ended June 30), up 20% from the same period a year ago. Diluted earnings per share were $2.69, up from $2.23 a year ago, while operating profit was $24.2 billion, up 18% year-on-year.
The company’s revenue expanded 8% in the period, to US$ 56.2 billion. For the full fiscal year, Microsoft saw its profit fall 1% to $72.3 billion. Revenues totaled $211.9 billion in the 12 months, up 7%.
“We delivered a strong fiscal year-end driven by quarterly Microsoft Cloud revenue of $30.3 billion, up 21% (up 23% in constant currency) year-over-year,” said Amy Hood, executive vice president and Microsoft’s chief financial officer in the earnings report.
Microsoft President and Chief Executive Satya Nadella said in the report that the company remains focused on leading the new Artificial Intelligence (AI) platform shift, “helping customers use the Microsoft Cloud to get the most value out of their digital spending and driving operating leverage.”
In the fourth fiscal quarter, cloud integration revenue was $23.9 billion, up 15% from a year ago. Productivity and business processes revenue was up 10% to $18.3 billion, while the personal computer segment generated revenue of $13.9 billion, down 4% year-on-year.
Xbox content and services revenue grew 5%, driven by third-party content and Xbox Game Pass growth. Xbox hardware revenue declined 13%, driven by lower volume of consoles sold.
In turn, LinkedIn’s revenue was 5% higher than reported in the previous year.