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Leading technology company Microsoft Corporation (NASDAQ:MSFT) reported fourth quarter and full year financial results after market close Tuesday. Here are the key highlights.
What Happened: Microsoft reported fourth quarter revenue of $51.9 billion, up 12% year-over-year. The total missed a Street estimate of $52.47 billion according to data from Benzinga Pro.
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The company reported earnings per share of $2.23 in the fourth quarter, missing a Street estimate of $2.30.
Higher fluctuations in currencies and production shutdowns in China were cited as impacts on financial results for the quarter. A reduction in advertising spend also hurt results for LinkedIn and Search segments.
The company scaled down its operations in Russia in the fourth quarter, which resulted in $126 million in bad debt expense, asset impairments and severance.
Productivity and Business Processes segment revenue was $16.6 billion for the fourth quarter, up 13% year-over-year. The segment was led by Office 365 Commercial revenue up 15% year-over-year and LinkedIn revenue up 26% year-over-year. Dynamics 365 revenue was up 31% year-over-year.
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Intelligent Cloud segment revenue was $20.9 billion, up 20% year-over-year. The segment was led by Azure and other cloud services, seeing revenue growth of 40% year-over-year.
More Personal Computing segment revenue was $14.4 billion in the fourth quarter, up 2% year-over-year. Windows OEM revenue was down 2% year-over-year and Xbox revenue was down 6% year-over-year.
Across all segments, Microsoft Cloud revenue was $25 billion, up 28% year-over-year.
Microsoft reported revenue of $198.3 billion for the full fiscal year, up 18% year-over-year.
Related Link: Is Microsoft Charged Up For A Move? How The Stock Looks Going Into Q4 Earnings Print
What’s Next: Microsoft will provide guidance on its earnings conference call.
“We see real opportunity to help every customer in every industry use digital technology to overcome today’s challenges and emerge stronger,” Microsoft CEO Satya Nadella said. “No company is better positioned than Microsoft to help organizations deliver on their digital imperative – so they can do more with less.”
MSFT Price Action: Microsoft shares are down 1% to $249.40 in after-hours trading Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.