Microsoft beat analysts’ expectations for Q3 2023 earnings and revenue.
The software giant’s Intelligent Cloud business segment, which includes the Azure Public Cloud, Enterprise Services, SQL Server, and Windows Server, generated $22.08B in revenue, higher than the $21.94B analysts predicted based on data from StreetAccount.
Revenue generated from Azure and other cloud services increased by 27%, a drop from 31% for Q2 2023 but higher than the 26.5% growth that analysts had predicted.
- Regarding Mircosoft’s Q4 outlook, the company expects its Intelligent Cloud revenue to grow between 15% and 16% or $23.6B to $23.9B.
- In its FY23 Third Quarter Earnings Conference Call, Microsoft highlighted that the company now has over 15,000 Azure Arc customers, a 150% increase YoY and that its Cloud for Sustainability has seen strong adoption from companies in every industry, including BBC, Nissan, and PCL.
- Microsoft’s shares are up 15% this year, with an overall revenue of $52.86B for Q3 2023.
