The US tech giant Microsoft released its financial findings for the third quarter of 2022, revealing high revenues which are mainly due to the company’s cloud services.
According to the report, MS has a revenue of close to $70 billion, up 18 percent from the same time last year, and a net income of over $23 billion, which also increased by eight percent. The majority of the company’s revenue came from their cloud services, which went up 32 percent to $32.7 billion.
But it’s not just the cloud that gave the people at Microsoft a reason to smile, as their gaming department has also being doing extremely well after all their latest investments. In March, the Xbox was the highest selling console beating both the Nintendo Switch and Sony’s highly-sought-out PlayStation 5, having its best month in over 11 years.
Furthermore, Windows sales have also seen a noticeable boost, going up by 11 percent in Q3 for a revenue of over $20 billion, with the company pointing out in its report that most of the income came from manufacturers paying to install Windows 11 on their new devices.
Xbox hardware sales increased by 14 percent, while content and services, such as first-party titles, adjacent to the console also rose by four percent, boosted by the Xbox Game Pass. Overall, Microsoft’s gaming department saw an increase in revenue of six percent.
It’s also worth noting that Xbox Game Pass subscribers spent over 45 percent more hours on the service compared to the previous quarter, “adding to billions of hours”, as noted by Microsoft CEO Satya Nadella.
Microsoft’s concerns about people returning to the office have also been put to rest as the “Productivity and Business Processes” noticed a 17 percent increase in revenue, while Office also went up by 12 percent in commercial and 11 percent in consumer sectors, going up to a total of 58.4 million consumers.
