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Published: 2023-10-24 16:03:29 ET
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EX-99.1 2 msft-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Microsoft Cloud Strength Fuels First Quarter Results

REDMOND, Wash. — October 24, 2023 — Microsoft Corp. today announced the following results for the quarter ended September 30, 2023, as compared to the corresponding period of last fiscal year:

•
Revenue was $56.5 billion and increased 13% (up 12% in constant currency)
•
Operating income was $26.9 billion and increased 25% (up 24% in constant currency)
•
Net income was $22.3 billion and increased 27% (up 26% in constant currency)
•
Diluted earnings per share was $2.99 and increased 27% (up 26% in constant currency)

"With copilots, we are making the age of AI real for people and businesses everywhere," said Satya Nadella, chairman and chief executive officer of Microsoft. "We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.”

“Consistent execution by our sales teams and partners drove a strong start to the fiscal year with Microsoft Cloud revenue of $31.8 billion, up 24% (up 23% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $18.6 billion and increased 13% (up 12% in constant currency), with the following business highlights:

•
Office Commercial products and cloud services revenue increased 15% (up 14% in constant currency) driven by Office 365 Commercial revenue growth of 18% (up 17% in constant currency)
•
Office Consumer products and cloud services revenue increased 3% (up 4% in constant currency) and Microsoft 365 Consumer subscribers grew to 76.7 million
•
LinkedIn revenue increased 8%
•
Dynamics products and cloud services revenue increased 22% (up 21% in constant currency) driven by Dynamics 365 revenue growth of 28% (up 26% in constant currency)

Revenue in Intelligent Cloud was $24.3 billion and increased 19%, with the following business highlights:

•
Server products and cloud services revenue increased 21% driven by Azure and other cloud services revenue growth of 29% (up 28% in constant currency)

Revenue in More Personal Computing was $13.7 billion and increased 3% (up 2% in constant currency), with the following business highlights:

•
Windows revenue increased 5% with Windows OEM revenue growth of 4% and Windows Commercial products and cloud services revenue growth of 8%
•
Devices revenue decreased 22%
•
Xbox content and services revenue increased 13% (up 12% in constant currency)
•
Search and news advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency)

Microsoft returned $9.1 billion to shareholders in the form of share repurchases and dividends in the first quarter of fiscal year 2024.

 

 

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Environmental, Social, and Governance (ESG)

To better execute on Microsoft’s mission, we focus our Environmental, Social, and Governance (ESG) efforts where we can have the most positive impact. To learn more about our latest initiatives and priorities, please visit our investor relations ESG website.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Brett Iversen, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on October 24, 2024.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

 

 

Financial Performance Constant Currency Reconciliation

 

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 ($ in millions, except per share amounts)

 

Revenue

 

Operating
Income

 

Net Income

 

Diluted
Earnings
per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022 As Reported (GAAP)

 

$50,122

 

$21,518

 

$17,556

 

$2.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 As Reported (GAAP)

 

$56,517

 

$26,895

 

$22,291

 

$2.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change Y/Y (GAAP)

 

13%

 

25%

 

27%

 

27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Constant Currency Impact

 

$301

 

$204

 

$148

 

$0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change Y/Y Constant Currency

 

12%

 

24%

 

26%

 

26%

 

 

 

 

 

 

 

 

 

 

 

Segment Revenue Constant Currency Reconciliation

 

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 ($ in millions)

 

Productivity and
Business Processes

 

Intelligent Cloud

 

More Personal
Computing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022 As Reported (GAAP)

 

$16,465

 

$20,325

 

$13,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 As Reported (GAAP)

 

$18,592

 

$24,259

 

$13,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change Y/Y (GAAP)

 

13%

 

19%

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Constant Currency Impact

 

$79

 

$156

 

$66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change Y/Y Constant Currency

 

12%

 

19%

 

2%

 

 

 

 

 

 

 

 

 

Selected Product and Service Revenue Constant Currency Reconciliation

 

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage Change Y/Y (GAAP)

 

Constant Currency Impact

 

Percentage Change Y/Y Constant Currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Cloud

 

24%

 

(1)%

 

23%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office Commercial products and cloud services

 

15%

 

(1)%

 

14%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office 365 Commercial

 

18%

 

(1)%

 

17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office Consumer products and cloud services

 

3%

 

1%

 

4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LinkedIn

 

8%

 

0%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dynamics products and cloud services

 

22%

 

(1)%

 

21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dynamics 365

 

28%

 

(2)%

 

26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Server products and cloud services

 

21%

 

0%

 

21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azure and other cloud services

 

29%

 

(1)%

 

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Windows

 

5%

 

0%

 

5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Windows OEM

 

4%

 

0%

 

4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Windows Commercial products and cloud services

 

8%

 

0%

 

8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Devices

 

(22)%

 

0%

 

(22)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xbox content and services

 

13%

 

(1)%

 

12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Search and news advertising excluding traffic acquisition costs

 

10%

 

(1)%

 

9%

 

 

 

 

 

 

 

 

 

 

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

•
intense competition in all of our markets that may lead to lower revenue or operating margins;
•
increasing focus on cloud-based services presenting execution and competitive risks;
•
significant investments in products and services that may not achieve expected returns;
•
acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;
•
impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;
•
cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
•
disclosure and misuse of personal data that could cause liability and harm to our reputation;
•
the possibility that we may not be able to protect information stored in our products and services from use by others;
•
abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;
•
the development of the internet of things presenting security, privacy, and execution risks;
•
issues about the use of artificial intelligence in our offerings that may result in reputational or competitive harm, or legal liability;
•
excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
•
quality or supply problems;
•
government litigation and regulatory activity relating to competition rules that may limit how we design and market our products;
•
potential consequences of trade and anti-corruption laws;
•
potential consequences of existing and increasing legal and regulatory requirements;
•
laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;
•
claims against us that may result in adverse outcomes in legal disputes;
•
uncertainties relating to our business with government customers;
•
additional tax liabilities;
•
an inability to protect and utilize our intellectual property may harm our business and operating results;
•
claims that Microsoft has infringed the intellectual property rights of others;
•
damage to our reputation or our brands that may harm our business and operating results;
•
adverse economic or market conditions that may harm our business;
•
catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

 

 

•
exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange and
•
the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of September 30, 2023. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

For more information, financial analysts and investors only:

Brett Iversen, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

 

 

MICROSOFT CORPORATION

 

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)

 

 

Three Months Ended
September 30,

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$15,535

 

$15,741

 

 

 

 

 

 

 

 

 

 

Service and other

 

40,982

 

34,381

 

 

 

 

 

 

 

 

 

 

Total revenue

 

56,517

 

50,122

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

3,531

 

4,302

 

 

 

 

 

 

 

 

 

 

Service and other

 

12,771

 

11,150

 

 

 

 

 

 

 

 

 

 

Total cost of revenue

 

16,302

 

15,452

 

 

 

 

 

 

 

 

 

 

Gross margin

 

40,215

 

34,670

 

 

 

 

 

 

 

 

 

 

Research and development

 

6,659

 

6,628

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

5,187

 

5,126

 

 

 

 

 

 

 

 

 

 

General and administrative

 

1,474

 

1,398

 

 

 

 

 

 

 

 

 

 

Operating income

 

26,895

 

21,518

 

 

 

 

 

 

 

 

 

 

Other income, net

 

389

 

54

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

27,284

 

21,572

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

4,993

 

4,016

 

 

 

 

 

 

 

 

 

 

Net income

 

$22,291

 

$17,556

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$3.00

 

$2.35

 

 

 

 

 

 

 

 

 

 

Diluted

 

$2.99

 

$2.35

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

7,429

 

7,457

 

 

 

 

 

 

 

 

 

 

Diluted

 

7,462

 

7,485

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)

 

 

Three Months Ended

 

September 30,

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

Net income

 

$22,291

 

$17,556

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change related to derivatives

 

21

 

7

 

 

 

 

 

 

 

 

 

 

Net change related to investments

 

(260)

 

(1,897)

 

 

 

 

 

 

 

 

 

 

Translation adjustments and other

 

(355)

 

(775)

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

(594)

 

(2,665)

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$21,697

 

$14,891

 

 

 

 

 

 

 

 

BALANCE SHEETS

(In millions) (Unaudited)

 

 

September 30,
2023

 

June 30,
2023

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$80,452

 

$34,704

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

63,499

 

76,558

 

 

 

 

 

 

 

 

 

 

Total cash, cash equivalents, and short-term investments

 

143,951

 

111,262

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance for doubtful accounts of $512 and $650

 

36,953

 

48,688

 

 

 

 

 

 

 

 

 

 

Inventories

 

3,000

 

2,500

 

 

 

 

 

 

 

 

 

 

Other current assets

 

23,682

 

21,807

 

 

 

 

 

 

 

 

 

 

Total current assets

 

207,586

 

184,257

 

 

 

 

 

 

 

 

 

 

Property and equipment, net of accumulated depreciation of $69,486 and $68,251

 

102,502

 

95,641

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

15,435

 

14,346

 

 

 

 

 

 

 

 

 

 

Equity investments

 

11,423

 

9,879

 

 

 

 

 

 

 

 

 

 

Goodwill

 

67,790

 

67,886

 

 

 

 

 

 

 

 

 

 

Intangible assets, net

 

8,895

 

9,366

 

 

 

 

 

 

 

 

 

 

Other long-term assets

 

32,154

 

30,601

 

 

 

 

 

 

 

 

 

 

Total assets

 

$445,785

 

$411,976

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$19,307

 

$18,095

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

25,808

 

0

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

3,748

 

5,247

 

 

 

 

 

 

 

 

 

 

Accrued compensation

 

6,990

 

11,009

 

 

 

 

 

 

 

 

 

 

Short-term income taxes

 

8,035

 

4,152

 

 

 

 

 

 

 

 

 

 

Short-term unearned revenue

 

46,429

 

50,901

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

14,475

 

14,745

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

124,792

 

104,149

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

41,946

 

41,990

 

 

 

 

 

 

 

 

 

 

Long-term income taxes

 

22,983

 

25,560

 

 

 

 

 

 

 

 

 

 

Long-term unearned revenue

 

2,759

 

2,912

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

470

 

433

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities

 

13,487

 

12,728

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

18,634

 

17,981

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

225,071

 

205,753

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock and paid-in capital - shares authorized 24,000; outstanding 7,431 and 7,432

 

95,508

 

93,718

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

132,143

 

118,848

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

(6,937)

 

(6,343)

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

220,714

 

206,223

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$445,785

 

$411,976

 

 

 

 

 

 

 

 

CASH FLOWS STATEMENTS

(In millions) (Unaudited)

 

 

Three Months Ended

 

September 30,

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$22,291

 

$17,556

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash from
   operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, amortization, and other

 

3,921

 

2,790

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

2,507

 

2,192

 

 

 

 

 

 

 

 

 

 

Net recognized losses (gains) on investments and derivatives

 

14

 

(22)

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

(568)

 

(1,191)

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

11,034

 

11,729

 

 

 

 

 

 

 

 

 

 

Inventories

 

(505)

 

(543)

 

 

 

 

 

 

 

 

 

 

Other current assets

 

(796)

 

(332)

 

 

 

 

 

 

 

 

 

 

Other long-term assets

 

(2,013)

 

(666)

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

1,214

 

(1,567)

 

 

 

 

 

 

 

 

 

 

Unearned revenue

 

(4,126)

 

(3,322)

 

 

 

 

 

 

 

 

 

 

Income taxes

 

1,425

 

410

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

(4,106)

 

(4,024)

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

291

 

188

 

 

 

 

 

 

 

 

 

 

Net cash from operations

 

30,583

 

23,198

 

 

 

 

 

 

 

 

 

 

Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt, maturities of 90 days or less, net

 

18,692

 

0

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt

 

7,073

 

0

 

 

 

 

 

 

 

 

 

 

Repayments of debt

 

(1,500)

 

(1,000)

 

 

 

 

 

 

 

 

 

 

Common stock issued

 

685

 

575

 

 

 

 

 

 

 

 

 

 

Common stock repurchased

 

(4,831)

 

(5,573)

 

 

 

 

 

 

 

 

 

 

Common stock cash dividends paid

 

(5,051)

 

(4,621)

 

 

 

 

 

 

 

 

 

 

Other, net

 

(307)

 

(264)

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) financing

 

14,761

 

(10,883)

 

 

 

 

 

 

 

 

 

 

Investing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property and equipment

 

(9,917)

 

(6,283)

 

 

 

 

 

 

 

 

 

 

Acquisition of companies, net of cash acquired, and purchases of intangible and other assets

 

(1,186)

 

(349)

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

(8,460)

 

(5,013)

 

 

 

 

 

 

 

 

 

 

Maturities of investments

 

15,718

 

6,662

 

 

 

 

 

 

 

 

 

 

Sales of investments

 

5,330

 

2,711

 

 

 

 

 

 

 

 

 

 

Other, net

 

(982)

 

(860)

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) investing

 

503

 

(3,132)

 

 

 

 

 

 

 

 

 

 

Effect of foreign exchange rates on cash and cash equivalents

 

(99)

 

(230)

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

45,748

 

8,953

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

34,704

 

13,931

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$80,452

 

$22,884

 

 

 

 

 

 

 

 

SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)

 

 

Three Months Ended

 

September 30,

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Productivity and Business Processes

 

$18,592

 

$16,465

 

 

 

 

 

 

 

 

 

 

Intelligent Cloud

 

24,259

 

20,325

 

 

 

 

 

 

 

 

 

 

More Personal Computing

 

13,666

 

13,332

 

 

 

 

 

 

 

 

 

 

Total

 

$56,517

 

$50,122

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Productivity and Business Processes

 

$9,970

 

$8,323

 

 

 

 

 

 

 

 

 

 

Intelligent Cloud

 

11,751

 

8,978

 

 

 

 

 

 

 

 

 

 

More Personal Computing

 

5,174

 

4,217

 

 

 

 

 

 

 

 

 

 

Total

 

$26,895

 

$21,518