Microsoft Corporation increased its profit by 11 per cent year-on-year to $24.7bn for the third quarter ending 30th September 2024, driven by robust growth in its cloud and productivity businesses.

The company’s financial results, released on Wednesday, revealed that revenue rose to $65.6bn, marking a 16 per cent increase year-over-year.

Operating income also grew by 14 per cent to $30.6bn.
Microsoft, the world’s third most valuable company with a market capitalisation of $3.156tr, reported diluted earnings per share of $3.30, a 10 per cent rise from the previous year.

In its Productivity and Business Processes segment, revenue reached $28.3bn, reflecting a 12 per cent increase.

The segment’s growth was fuelled by a 13 per cent rise in revenue from Microsoft 365 Commercial products and cloud services, with Microsoft 365 Commercial cloud revenue up by 15 per cent.

Microsoft’s Chairman and Chief Executive Officer, Satya Nadella, commented, “AI-driven transformation is reshaping work, work artefacts, and workflows across every role, function, and business process.”

He added, “We are expanding our opportunities and gaining new customers as we support them in applying our AI platforms and tools to drive new growth and operational leverage.”