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Wednesday, 26 October 2022 18:28

Microsoft profits fall 14% in 1Q 2023, Windows OEM sales most affected Featured

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Microsoft profits fall 14% in 1Q 2023, Windows OEM sales most affected Image by Gerd Altmann from Pixabay

Microsoft has seen its profits drop 14% year-on-year in the first quarter of financial year 2023 as PC sales were affected by the slowing economy.

Another factor that affected the company's revenue was sluggish growth of its cloud services.

The company recorded US$50.1 billion (A$77.85 billion) in revenue during the quarter, an increase of 11%, but its profits fell to US$17.6 billion.

One of the areas which saw the biggest drop was Windows OEM revenue which fell by 15%. Also down was Xbox content and services revenue which dropped by 3%.

Chairman and chief executive Satya Nadella commented: "In a world facing increasing headwinds, digital technology is the ultimate tailwind.

“In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way."

Executive vice-president and chief financial officer Amy Hood added: “This quarter Microsoft Cloud revenue was US$25.7 billion, up 24% (up 31% in constant currency) year-on-year.

"We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers."

Microsoft returned US$9.7 billion to shareholders as share repurchases and dividends, a decrease of 11% year-on-year.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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