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Microsoft (MSFT) Q2 2023 Cloud revenue grew 22% year-over-year

Cloud revenue hit $27.1 billion in Q2 2023, up 22 percent year-over-year and 29 percent in constant currency.

Microsoft (MSFT) shared its Q2 2023 earnings report and included in the report are details about how Cloud revenue grew 22 percent year-over-year. Speaking on the matter, chairman and CEO of Microsoft, Satya Nadella, touched on how the “next major wave of computing is being born” with Microsoft Cloud turning the “world’s most advanced AI models into a new computing platform.”

Nadella went on to assert that Microsoft is committed to helping its customers use its platforms and tools to “do more with less today and innovate the future in the new era of AI.” Like Nadella, Microsoft executive vice president and CFO, Amy Hood, acknowledged the company’s Cloud impressive revenue growth, stating:

Microsoft (MSFT) stock showing shares at 242.04 down 0.54 and 0.22 percent
© Yahoo Finance

Elsewhere in the report, Cloud growth was seen in areas with revenue in Intelligent Cloud coming in at $21.5 billion, increasing 18 percent (up 24 percent in constant currency). Server products and cloud services revenue likewise increased by 20 percent (up 26 percent in constant currency), “driven by Azure and other cloud services revenue growth of 31 percent (up 38 percent in constant currency).”

While Cloud revenue grew in Q2 2023, Microsoft fell slightly short of expectations with reported revenue at $52.75 billion, below the $52.94 billion that was expected. For more on this, be sure to look over the full press release on Microsoft’s Q2 2023 earnings, and read through some of our previous coverage including Microsoft (MSFT) Q2 2023 earnings results missing on revenue expectations while falling in-line with EPS.

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Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

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