BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
Microsoft Reports Strong Fourth Quarter Results Driven by Cloud Growth
REDMOND, Wash. — July 30, 2024 — Microsoft Corp. has announced its financial results for the fourth quarter of fiscal year 2024, which ended on June 30, 2024. The company's performance has been robust, primarily driven by the strength of its cloud services.
Key Financial Highlights for Q4 FY24:
- Revenue: $64.7 billion, an increase of 15% (16% in constant currency)
- Operating Income: $27.9 billion, an increase of 15% (16% in constant currency)
- Net Income: $22.0 billion, an increase of 10% (11% in constant currency)
- Diluted Earnings Per Share: $2.95, an increase of 10% (11% in constant currency)
"Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft," said Satya Nadella, Chairman and CEO of Microsoft. "As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era."
Cloud Services Drive Revenue Growth
Microsoft's cloud services have been a significant contributor to its revenue growth. The company reported a record $36.8 billion in quarterly revenue from Microsoft Cloud, marking a 21% increase (22% in constant currency) compared to the previous year.
Amy Hood, Executive Vice President and CFO of Microsoft, highlighted the quarter's achievements: "We closed out our fiscal year with a solid quarter, highlighted by record bookings and substantial growth in our cloud services."
Business Segment Performance
-
Productivity and Business Processes: Revenue reached $20.3 billion, an 11% increase (12% in constant currency). Key contributors include:
- Office Commercial products and cloud services revenue grew by 12% (13% in constant currency).
- LinkedIn revenue increased by 10% (9% in constant currency).
- Dynamics products and cloud services revenue rose by 16%, driven by Dynamics 365 growth of 19% (20% in constant currency).
-
Intelligent Cloud: Revenue was $28.5 billion, a 19% increase (20% in constant currency). This growth was driven by:
- Server products and cloud services revenue increased by 21% (22% in constant currency).
- Azure and other cloud services saw a 29% revenue growth (30% in constant currency).
-
More Personal Computing: Revenue reached $15.9 billion, a 14% increase (15% in constant currency). Notable highlights include:
- Windows revenue increased by 7% (8% in constant currency).
- Xbox content and services revenue surged by 61%, largely due to the Activision acquisition.
FY24 Annual Financial Results
For the fiscal year ended June 30, 2024, Microsoft reported:
- Revenue: $245.1 billion, an increase of 16% (15% in constant currency)
- Operating Income: $109.4 billion, an increase of 24% (22% non-GAAP, 21% in constant currency)
- Net Income: $88.1 billion, an increase of 22% (20% non-GAAP)
- Diluted Earnings Per Share: $11.80, an increase of 22% (20% non-GAAP)
FY25 Q1 Outlook
Looking ahead to the first quarter of fiscal year 2025, Microsoft has provided the following outlook:
- Foreign Currency Impact: Expected to decrease revenue growth at the total company and all individual segment levels by less than 1 point. Decrease to COGS growth of less than 1 point and no meaningful impact to Opex growth.
- Productivity and Business Processes: Revenue expected to be between $20.3 billion to $20.6 billion.
- Intelligent Cloud: Revenue expected to be between $28.6 billion to $28.9 billion.
- More Personal Computing: Revenue expected to be between $14.9 billion to $15.3 billion.
- Cost of Revenue: Expected to be between $19.95 billion to $20.15 billion, including approximately $0.7 billion of purchase accounting adjustments, as well as integration and transaction-related costs from the Activision acquisition.
- Operating Expenses: Expected to be between $15.2 billion to $15.3 billion, including approximately $0.2 billion of purchase accounting adjustments, as well as integration and transaction-related costs from the Activision acquisition.
- Other Income and Expense: Expected to be roughly $(650) million.
- Effective Tax Rate: Approximately 19%.
Source: MSFT
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
