Microsoft Corporation Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue was 56.2 billion dollars, up 8 percent year-over-year (10 percent in constant currency), showing steady acceleration versus prior quarters.
  • Earnings per share were 2 dollars and 69 cents, up 21 percent year-over-year (23 percent in constant currency), reflecting strong operating leverage.
  • Microsoft Cloud revenue reached 30.3 billion dollars, up 21 percent (23 percent in constant currency), with Azure contributing most of the growth.
  • Commercial Cloud annual revenue surpassed 110 billion dollars for the first time, up 27 percent in constant currency.

Key Business Segment Highlights

Productivity and Business Processes

  • Revenue of 18.3 billion dollars, up 10 percent (12 percent in constant currency).
  • Office 365 Commercial revenue grew 15 percent (17 percent in constant currency), driven by ongoing E5 upsell momentum.
  • Office Consumer revenue up 3 percent (6 percent in constant currency) with Microsoft 365 Consumer subscribers reaching 67 million, up 12 percent year-over-year.
  • Dynamics revenue grew 19 percent (21 percent in constant currency), with Dynamics 365 up 26 percent (28 percent in constant currency).
  • LinkedIn surpassed 15 billion dollars in annual revenue; however, Q4 growth slowed to 5 percent (7 percent in constant currency) due to weaker advertising markets.

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Operator: Greetings, and welcome to the Microsoft Fiscal Year 2023 Fourth Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to your host, Brett Iversen, Vice President of Investor Relations. Mr. Iversen, please go ahead. Brett Iversen: Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Deputy General Counsel. On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call. On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's fourth quarter performance in addition to the impact these items and events have on the financial results. All growth comparisons we make on the call today relate to the corresponding period of last year

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