Microsoft's revenue jumps 18% in final quarter of 2023 with drive in AI

U.S.-based global tech major Microsoft saw its revenue jump 18% in the final quarter of 2023, according to its financial results statement released Tuesday.

Revenue came in at $62 billion for the three months ended Dec. 31, which the company refers to as the second quarter of the 2024 fiscal year.

Net income was more than $21.8 billion, while operating income was $27 billion, both rising 33% compared to the same period of the previous year.

"We've moved from talking about AI to applying AI at scale," Chairman and CEO Satya Nadella said in the statement, referring to artificial intelligence.

"By infusing AI across every layer of our tech stack, we're winning new customers and helping drive new benefits and productivity gains across every sector."

Amy Hood, executive vice president and chief financial officer of Microsoft, said Microsoft Cloud revenue increased 24% year-on-year to reach $33.7 billion in the October-December period.

Revenue at the company's Intelligent Cloud unit was $25.9 billion -- an increase of 20%, according to the financial results.

Microsoft saw its market value surpass $3 trillion last Friday and overtook Apple as the world's most valuable public company by market capitalization.

Its market value stood at $3.04 trillion after the market close on Tuesday, while Apple's market cap fell to $2.91 trillion.