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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallMicrosoft reported revenue of $64.7 billion for the quarter ended June 30, 2024, up 15% from a year earlier, and $245.1 billion for fiscal 2024, up 16%. Cloud and commercial software were major growth engines, but the year was not simply an Azure-and-AI story: Microsoft also benefited from Activision Blizzard, while Xbox hardware declined and the cost of expanding AI infrastructure weighed on cloud margins.
What Microsoft reported—and when
Microsoft announced its results on July 30, 2024. The quarter was the company’s fiscal fourth quarter, ended June 30; it is not the calendar year’s second quarter in the usual reporting sense. Microsoft’s fiscal year also ended June 30.
Reported growth uses the actual dollar results. Constant-currency growth adjusts for exchange-rate movements: in Q4, revenue growth was 15% reported and 16% in constant currency; for the full year, it was 16% reported and 15% in constant currency. The direction of the currency effect therefore differed between the quarter and year. Microsoft’s July 30 earnings release and its quarterly results filed with the SEC provide the company’s figures.
The headline figures
| Measure | Fiscal Q4 2024 | Fiscal 2024 |
|---|---|---|
| Revenue | $64.7 billion; up 15% year over year (16% constant currency) | $245.1 billion; up 16% year over year (15% constant currency) |
| Operating income | $27.9 billion; up 15% | $109.4 billion; up 24% |
| Net income | $22.0 billion; up 10% | $88.2 billion; up 22% |
| Diluted earnings per share | $2.95; up 10% | $11.80; up 20% |
| Microsoft Cloud revenue | $36.8 billion; up 21% reported (22% constant currency) | $137.7 billion, versus $111.6 billion in fiscal 2023 |
The annual results show profit growing faster than revenue, though that does not mean every business or margin measure improved. Microsoft reported revenue increases in all three segments—Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Its fiscal 2024 Form 10-K details the year’s business and financial results.
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Cloud was the largest recurring growth engine, but Azure is not all of Microsoft Cloud
Intelligent Cloud generated about $28.5 billion in Q4 revenue, up 19%. Within it, Azure and other cloud services grew 29%, or 30% in constant currency. Server products and cloud services rose 21%. For fiscal 2024, Intelligent Cloud revenue increased 21%, Azure and other cloud services rose 31%, and server products and cloud services increased 22%.
Microsoft Cloud is a broader measure than Azure. It includes Azure and other cloud services, Microsoft 365 Commercial cloud, the commercial portion of LinkedIn, and Dynamics 365. Microsoft Cloud revenue reached $36.8 billion in Q4, up 21%, and $137.7 billion for the year. Those totals should not be described as Azure revenue.
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Microsoft said demand for cloud services and AI offerings contributed to Azure growth. It did not report one consolidated AI-revenue figure for fiscal 2024, so the results do not establish how much of Azure’s growth came from AI specifically. The defensible reading is that AI was influencing cloud demand and investment priorities, while Azure’s reported growth also reflected broader cloud services.
AI capacity brings costs as well as demand
Microsoft’s 10-K says Microsoft Cloud gross-margin performance was affected by the cost of scaling AI infrastructure. Better margins in Azure and Office 365 partly offset a mix shift toward Azure and the costs of expanding AI capacity. Data centers and the servers, networking, and other infrastructure they require are part of the economics behind the growth: more demand can bring more revenue, but serving it also requires investment.
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Commercial software grew across several businesses
Productivity and Business Processes generated about $20.3 billion in Q4 revenue, up 11%. Microsoft 365 Commercial products and cloud services revenue rose 12%, with its cloud component up 16%. LinkedIn revenue grew 10%, while Dynamics products and cloud services rose 16% and Dynamics 365 rose 19%.
Across fiscal 2024, Microsoft 365 Commercial products and cloud services revenue increased 15%; Microsoft 365 Commercial cloud revenue grew 16%, with seat growth of 11%. LinkedIn revenue rose 9%, and Dynamics products and cloud services increased 19%. This breadth is one reason the year’s growth cannot be reduced to Azure alone.
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Gaming revenue surged, while Xbox hardware fell
More Personal Computing revenue was about $15.9 billion in Q4, up 14%. Gaming revenue rose 44% in the quarter and 39% for fiscal 2024, largely because Microsoft completed its Activision Blizzard acquisition in October 2023. The acquisition’s contribution means those gaming growth rates should not be read as purely organic expansion.
The mix within gaming was uneven. Xbox content and services revenue rose 61% in Q4 and 50% for the year, while Xbox hardware revenue fell 42% in Q4 and 13% for the year. The acquisition and content-and-services business drove the gaming increase; console hardware was a clear weak spot.
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- Brilliant Display – Stunning 13.8" PixelSense touchscreen[1], with brilliant LCD display[2], unleashes luminous whites, deeper blacks and colors so richly saturated bringing vivid life into every frame – perfect for work, school, streaming and creative tasks.
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- Work at the speed of your ideas – Built with the latest Qualcomm Snapdragon X2 Elite (12 Core) processors, Surface Laptop delivers fast, AI‑accelerated performance—making it the most powerful Surface laptop for everything from multitasking to demanding workloads.
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Other contributors show the growth was broad, but uneven
Windows revenue increased 7% in Q4. Windows OEM revenue rose 4%, while Windows Commercial products and cloud services revenue increased 11%. Search and news advertising revenue, excluding traffic acquisition costs, grew 19% in Q4 and 8% for the full year. Together with gains in Microsoft 365, Dynamics, and LinkedIn, these results point to growth across multiple businesses, even as their rates and drivers varied.
Profit, shareholder returns, and what the results imply
Quarterly operating income grew 15%, matching revenue growth, while net income and diluted EPS each rose 10%. For the full year, operating income increased 24%, net income 22%, and diluted EPS 20%, all faster than revenue growth. Microsoft also returned $8.4 billion to shareholders through dividends and share repurchases in Q4. These reported results do not, on their own, show how much future return the company will earn on AI infrastructure spending.
For investors assessing the business mix, the key distinction is between strong demand and the economics of meeting it. Azure and Microsoft 365 supported recurring cloud-led expansion; Activision materially changed gaming comparisons; and falling Xbox hardware sales show that not every part of the business shared the same momentum. The annual filing’s discussion of AI-capacity costs makes cloud margins and infrastructure investment relevant alongside revenue growth.
Microsoft’s fiscal 2024 results therefore describe broad but uneven expansion, with cloud and commercial software at the center—not a standalone AI revenue boom. The company reported AI as a contributor to cloud demand, but did not provide a separate AI revenue total.
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