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Earnings Release FY24 Q1

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Revenue increased $334 million or 3%.

Windows revenue increased $254 million or 5% driven by growth in Windows Commercial and Windows OEM. Windows Commercial products and cloud services revenue increased 8% driven by demand for Microsoft 365. Windows OEM revenue increased 4%.

Gaming revenue increased $309 million or 9% driven by growth in Xbox content and services. Xbox content and services revenue increased 13% driven by growth in first-party content and Xbox Game Pass. Xbox hardware revenue decreased 7% driven by lower volume of consoles sold, offset in part by higher price of consoles sold.

Search and news advertising revenue increased $140 million or 5%. Search and news advertising revenue excluding traffic acquisition costs increased 10% driven by higher search volume.

Devices revenue decreased $323 million or 22%.

Operating income increased $957 million or 23%.

Gross margin increased $920 million or 13% driven by growth in Gaming and Windows. Gross margin percentage increased primarily driven by sales mix shift.

Operating expenses decreased $37 million or 1% driven by a decline in Devices, offset in part by investments in Gaming.

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Information contained in these documents is current as of the earnings date, and not restated for new accounting standards


Microsoft Corp (MSFT)

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