Microsoft reports Q3 results with revenue, net income increases

Microsoft posted on Tuesday its revenue of 52.9 billion U.S. dollars for the third quarter of the 2023 fiscal year ending March 31, up 7 percent from the same period last year.

The company generated a quarterly net income of 18.3 billion dollars, an increase of 9 percent year on year, while diluted earnings per share went up 10 percent to 2.45 dollars. Its operating income was 22.4 billion dollars and increased 10 percent, Microsoft said in its financial report for the third quarter of fiscal 2023.

The company's revenue in Productivity and Business Processes was 17.5 billion dollars, an increase of 11 percent; its revenue in Intelligent Cloud was 22.1 billion dollars and increased by 16 percent; and revenue in More Personal Computing was 13.3 billion dollars, a 9 percent decrease year on year.

Microsoft returned 9.7 billion dollars to shareholders in the form of share repurchases and dividends in the quarter, compared to 12.4 billion dollars in the same period of fiscal 2022.

"The world's most advanced AI models are coming together with the world's most universal user interface -- natural language -- to create a new era of computing," said Satya Nadella, chairman and CEO of Microsoft.

"Across the Microsoft Cloud, we are the platform of choice to help customers get the most value out of their digital spend and innovate for this next generation of AI," he said.