Microsoft is here with its quarterly results, with the period ending on March 31, 2022. And unsurprisingly, both revenue and net income went up significantly.
The numbers reveal that the revenue for the company was $49.4 billion, a major uptick of 18% from the same period in the last fiscal year. Operating income was up by 19% at $20.4 billion, with net income coming in at $16.7 billion for an increase of 8%.
The Productivity and Business Processes unit managed to post a growth of 17%, with the highlight being the massive 34% increase recorded by LinkedIn. Office was also among the honors, with the company confirming that Microsoft 365 now has some 58.4 million subscribers.
An increase of 11% for the More Personal Computing division meant that it recorded $14.5 billion in revenue. Windows OEM revenue increased 11%, while Surface revenue went up 13%.
Cloud was once again king for Redmond in the third quarter.
Amy Hood, Executive Vice President and Chief Financial Officer for Microsoft:
“Continued customer commitment to our cloud platform and strong sales execution drove better than expected commercial bookings growth of 28% and Microsoft Cloud revenue of $23.4 billion, up 32% year over year.”
The Intelligent Cloud unit recorded an increase of no less than 26% to reach $19.1 billion in revenue, which is not surprising considering how cloud is the growth engine for the Redmond based technology titan these days.
Azure was, of course, behind this massive growth.
On the Windows Commercial side of things, products and cloud services jumped 14%, while the growth of Xbox content and services revenue came in at a much more subdued 4%.
Overall, diluted earning per share was $2.22, which is an uptick of 9%. Likewise, $12.4 billion was returned to shareholders through dividends and share repurchases to make for another impressive quarter for the software giant.
Going forward, Microsoft expects single digit revenue growth in the next quarter due to the impacts from the ongoing war in Ukraine and hiccups in production in China. Gaming revenue may also decline due to these hardware supply issues.