Earnings Release FY24 Q1

Income Statements
(In millions, except per share amounts) (Unaudited)		Three Months Ended September 30,
(In millions, except per share amounts) (Unaudited)		2023	2022
	Revenue:
	Product	$ 15,535	$ 15,741
	Service and other	40,982	34,381
	Total revenue	56,517	50,122
	Cost of revenue:
	Product	3,531	4,302
	Service and other	12,771	11,150
	Total cost of revenue	16,302	15,452
	Gross margin	40,215	34,670
	Research and development	6,659	6,628
	Sales and marketing	5,187	5,126
	General and administrative	1,474	1,398
	Operating income	26,895	21,518
	Other income, net	389	54
	Income before income taxes	27,284	21,572
	Provision for income taxes	4,993	4,016
	Net income	$ 22,291	$ 17,556
	Earnings per share:
	Basic	$ 3.00	$ 2.35
	Diluted	$ 2.99	$ 2.35
	Weighted average shares outstanding:
	Basic	7,429	7,457
	Diluted	7,462	7,485

IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice); All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.

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