VentureBeat October 25, 2023
Crediting growing demand for large AI models across consumer and commercial products that are driving increased cloud consumption, Microsoft reported strong FY24 Q1 results last night.
First quarter revenue was up 13% to $56.5 billion compared to $50.1 billion last year.
Net Income soared 27% to $22.2 billion in Q1 from $17.5 billion in the same quarter a year ago. Gross margin expanded to 71%, up from 69% a year ago, driven by Azure and Office 365 gross margin improvements.
Operating Income still grew 25% despite Microsoft’s AI investments, showing the company’s ability to balance growth and profitability.
FY24 Q1 results reflect how Microsoft successfully turns AI into a revenue accelerator, with Azure’s OpenAI service, Dynamics 365, and the...
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