Microsoft's revenue rises at slowest rate since 2016
US multinational technology major Microsoft saw its revenue rise 2% in the October-December period of last year, marking the slowest increase in the firm’s history since 2016.

Total revenue came in at $52.7 billion for the period, which the company refers to as the second quarter for the 2023 fiscal year.
Its cloud revenue, however, jumped 22% to $27.1 billion year-on-year, while revenue from LinkedIn rose 10%, but personal computing revenue decreased 19% to $14.2 billion.
Net income declined 12% to $16.4 billion compared to the same period of last year.
"The next major wave of computing is being born, as the Microsoft Cloud turns the world’s most advanced AI models into a new computing platform," Chairman and CEO Satya Nadella said in the financial results statement.
Amy Hood, Microsoft’s executive vice president and chief financial officer, said the company continues to invest to drive growth.
The financial results come less than a week after Microsoft announced that it will lay off 10,000 workers by the end of September, which amounts to less than 5% of its total workforce, while the tech industry struggles with financial difficulties.
Despite the decline in net income and slow increase in revenue, the results managed to beat market expectations and Microsoft saw its stock price jump more than 9% in after-hours trading.
Most Read News
-
Iran executes man convicted of spying for Israel
-
Medvedev warns no-fly zone above Ukraine would mean war
-
US sanctions financial network supporting Iran's militar
-
Top US Democrats slam Republican spending bill, warn of
-
Xi, Trump likely to attend Asia-Pacific Economic Coopera
-
Poland's premier blames Russia for house damage amid rep
-
2 British politicians ‘denied entry’ into Israel during
-
EU proposes sanctions on Israeli Cabinet ministers, viol
-
US House committee releases new Epstein documents
-
At least 64 Palestinians killed in fresh Israeli strikes