Microsoft’s net profits down 14% as PC sales decline

San Francisco: Microsoft has reported 14 per cent decrease in its net profit for its first quarter of 2023 (July-September period) while revenues went up 11 per cent amid global decline in PC sales.
Microsoft made $50.1 billion in revenue and $17.6 billion in net income in its first quarter of 2023.
“In a world facing increasing headwinds, digital technology is the ultimate tailwind,” said Satya Nadella, chairman and CEO of Microsoft.
“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,” Nadella said in a statement late on Tuesday.
Microsoft Cloud revenue was $25.7 billion, up 24 per cent year-over-year.
“We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers,” said Amy Hood, executive vice president and CFO of Microsoft.