Microsoft Corporation said on Thursday that its third-quarter fiscal 2024 revenue rose 17% to $61.9 billion, better than analysts' expectations.
The report showed that net income for the March 31, 2024 quarter increased by 20% to $21.9 billion. Similarly, diluted earnings per share improved by 20% to $2.94. Breaking down the profit by services and products, the company's server products and cloud services revenue advanced by 24%, driven by Azure and other cloud services revenue growth of 31%.
"Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry," said Satya Nadella, chairman and chief executive officer of Microsoft.
After the report's publication, Microsoft shares increased by 5.56% to sell at $421.44 in after-hours trading.
