Microsoft Corp. today announced the following results for the quarter ended March 31, 2016:
- Revenue was $20.5 billion GAAP, and $22.1 billion non-GAAP
- Operating income was $5.3 billion GAAP, and $6.8 billion non-GAAP
- Net income was $3.8 billion GAAP, and $5.0 billion non-GAAP
- Earnings per share was $0.47 GAAP, and $0.62 non-GAAP
"Organizations using digital technology to transform and drive new growth increasingly choose Microsoft as a partner," said Satya Nadella, chief executive officer at Microsoft. "As these organizations turn to us, we're seeing momentum across Microsoft's cloud services and with Windows 10."
During the quarter, Microsoft returned $6.4 billion to shareholders in the form of share repurchases and dividends.
This quarter's income tax expense included a catch-up adjustment to account for an expected increase in the full year effective tax rate primarily due to the changing mix of revenue across geographies, as well as between cloud services and software licensing. As such, the GAAP and non-GAAP tax rates were 25% and 24%, respectively.
"Our continued operational and financial discipline drove solid results this quarter," said Amy Hood, executive vice president and chief financial officer at Microsoft. "We remain focused on investing in our strategic priorities to drive long-term growth."
Revenue in Productivity and Business Processes grew 1% (up 6% in constant currency) to $6.5 billion, with the following business highlights:
- Office commercial products and cloud services revenue grew 7% in constant currency driven by Office 365 revenue growth of 63% in constant currency
- Office consumer products and cloud services revenue grew 6% in constant currency with Office 365 consumer subscribers increasing to 22.2 million
- Dynamics products and cloud services revenue grew 9% in constant currency with Dynamics CRM Online seat adds more than doubling year-over-year
Revenue in Intelligent Cloud grew 3% (up 8% in constant currency) to $6.1 billion, with the following business highlights:
- Server products and cloud services revenue increased 5% in constant currency driven by double-digit annuity revenue growth
- Azure revenue grew 120% in constant currency with usage of Azure compute and Azure SQL database more than doubling year-over-year
- Enterprise Mobility customers more than doubled year-over-year to over 27,000, and the installed base grew nearly 4x year-over-year
Revenue in More Personal Computing grew 1% (up 3% in constant currency) to $9.5 billion, with the following business highlights:
- Windows OEM revenue declined 2% in constant currency, outperforming the PC market, driven by higher consumer premium device mix
- Surface revenue increased 61% in constant currency driven by Surface Pro 4 and Surface Book
- Phone revenue declined 46% in constant currency
- Xbox Live monthly active users grew 26% year-over-year to 46 million
- Search advertising revenue excluding traffic acquisition costs grew 18% in constant currency with continued benefit from Windows 10 usage
"Digital transformation is the number one priority on our customers' agenda. Companies from large established businesses to emerging start-ups are turning to our cloud solutions to help them move faster and generate new revenue," said Kevin Turner, chief operating officer at Microsoft.
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