Microsoft has reported revenue for its first quarter of 2023 of $50.1bn, up 11% compared to the same quarter last year. However, net income was $17.6bn, a 14% decrease.
The company said it had experienced “strong overall demand” for its Microsoft Cloud offerings. Commercial bookings declined by 3%, however. It reported an increase of 22% for server products and cloud services revenue driven by Azure and other cloud services revenue growth of 35%.
CFO Amy Hood said Microsoft had seen strong renewal execution. “We continued to see growth in the number of large, long-term Azure and Microsoft 365 contracts across all deal sizes,” she said. “More than half of the $10m-plus Microsoft 365 bookings came from E5.”
