MICROSOFT CORP
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
MSFT$530.61-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2023-12-31; filed 2024-01-30.
0000950170-24-008814
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-03-31; filed 2024-04-25.
0000950170-24-048288
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 182 current paragraphs.
97 unchanged; 53 reworded; 29 added; 35 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 12 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
Microsoft Cloud revenue increased 23% to $35.1 billion.
Current report
LinkedIn revenue increased 10%.
Current report
Dynamics products and cloud services revenue increased 19% driven by Dynamics 365 growth of 23%.
Current report
Devices revenue decreased 17%.
Current report
Search and news advertising revenue excluding traffic acquisition costs increased 12%.
Current report
Operating expenses increased $1.4 billion or 10% driven by Gaming, with 9 points of growth from the Activision Blizzard acquisition.
Current report
Operating expenses increased $2.1 billion or 5% driven by Gaming, with 7 points of growth from the Activision Blizzard acquisition, offset in part by 2 points of favorable impact from the prior year Q2 charge.
Current report
Operating income increased $17.2 billion or 27%, including a favorable foreign currency impact of 2%, driven by growth across each of our segments.
Current report
Office Consumer products and cloud services revenue increased $63 million or 4%. Microsoft 365 Consumer subscribers grew 14% to 80.8 million.
Current report
Dynamics products and cloud services revenue increased $257 million or 19% driven by Dynamics 365. Dynamics 365 revenue grew 23% driven by growth across all workloads.
Current report
Operating expenses increased $57 million or 1%.
Current report
Revenue increased $4.6 billion or 21%.
Current report
Enterprise and partner services revenue decreased $186 million or 9% on a strong prior year comparable for Enterprise Support Services.
Current report
Operating expenses increased $49 million or 1% driven by investments in Azure.
Current report
Revenue increased $2.3 billion or 17%.
Current report
Devices revenue decreased $215 million or 17%.
Current report
Operating income increased $688 million or 16%.
Current report
Revenue increased $6.4 billion or 13%.
Current report
Operating income increased $5.3 billion or 21%.
Current report
Revenue increased $12.9 billion or 20%.
Current report
Operating income increased $9.4 billion or 34%.
Current report
Operating expenses decreased $369 million or 2% driven by 3 points of favorable impact from the prior year Q2 charge, offset in part by investments in Azure.
Current report
Revenue increased $5.3 billion or 13%.
Current report
Devices revenue decreased $670 million or 16%.
Current report
Operating income increased $2.6 billion or 22%.
Current report
Operating expenses increased $2.5 billion or 27% driven by Gaming, with 31 points of growth from the Activision Blizzard acquisition.
Current report
Research and development expenses increased $998 million or 5% driven by Gaming, with 6 points of growth from the Activision Blizzard acquisition.
Current report
Sales and marketing expenses increased $1.1 billion or 7% driven by Gaming, with 6 points of growth from the Activision Blizzard acquisition.
Current report
General and administrative expenses increased $269 million or 16% driven by Gaming, with 17 points of growth from the Activision Blizzard acquisition.
Removed paragraphs (35)
Previous report
Microsoft Cloud revenue increased 24% to $33.7 billion.
Previous report
LinkedIn revenue increased 9%.
Previous report
Dynamics products and cloud services revenue increased 21% driven by Dynamics 365 growth of 27%.
Previous report
Devices revenue decreased 9%.
Previous report
Search and news advertising revenue excluding traffic acquisition costs increased 8%.
Previous report
Gross margin increased $7.1 billion or 20% driven by growth across each of our segments.
Previous report
Operating expenses increased $505 million or 3% driven by Gaming, with 11 points of growth from the Activision Blizzard acquisition, offset in part by 7 points of favorable impact from the prior year Q2 charge.
Previous report
Operating income increased $6.6 billion or 33% driven by growth across each of our segments.
Previous report
Revenue, gross margin, and operating income included a favorable foreign currency impact of 2%, 2%, and 3%, respectively.
Previous report
Operating expenses increased $673 million or 2% driven by Gaming, with 6 points of growth from the Activision Blizzard acquisition, offset in part by 4 points of favorable impact from the prior year Q2 charge.
Previous report
Operating income increased $12.0 billion or 29%, including a favorable foreign currency impact of 2%, driven by growth across each of our segments.
Previous report
Revenue increased $2.2 billion or 13%.
Previous report
Office Consumer products and cloud services revenue increased $74 million or 5%. Microsoft 365 Consumer subscribers grew 16% to 78.4 million.
Previous report
Operating expenses decreased $273 million or 5% driven by 5 points of favorable impact from the prior year Q2 charge.
Previous report
Gross margin and operating income both included a favorable foreign currency impact of 2%.
Previous report
Operating income increased $3.6 billion or 40%.
Previous report
Operating expenses decreased $504 million or 8% driven by 9 points of favorable impact from the prior year Q2 charge.
Previous report
Gross margin and operating income included a favorable foreign currency impact of 2% and 3%, respectively.
Previous report
Revenue increased $2.7 billion or 19%.
Previous report
Devices revenue decreased $132 million or 9%.
Previous report
Operating income increased $967 million or 29%.
Previous report
Gross margin and operating income included a favorable foreign currency impact of 2% and 3%, respectively.
Previous report
Dynamics products and cloud services revenue increased $554 million or 22% driven by Dynamics 365 growth of 27%.
Previous report
Operating income increased $3.8 billion or 23%.
Previous report
Gross margin and operating income both included a favorable foreign currency impact of 2%.
Previous report
Revenue increased $8.3 billion or 20%.
Previous report
Enterprise and partner services revenue increased $25 million or 1% driven by growth in Enterprise Support Services, offset in part by a decline in Industry Solutions.
Previous report
Operating income increased $6.3 billion or 35%, including a favorable foreign currency impact of 2%.
Previous report
Operating expenses decreased $418 million or 4% driven by 5 points of favorable impact from the prior year Q2 charge.
Previous report
Devices revenue decreased $455 million or 16%.
Previous report
Operating income increased $1.9 billion or 26%, including a favorable foreign currency impact of 3%.
Previous report
Operating expenses increased $1.2 billion or 20% driven by Gaming, with 25 points of growth from the Activision Blizzard acquisition, offset in part by a decline in Devices and 3 points of favorable impact from the prior year Q2 charge.
Previous report
Research and development expenses increased $298 million or 4% driven by Gaming, with 9 points of growth from the Activision Blizzard acquisition, offset in part by prior year impairment charges resulting from changes to our hardware portfolio and a decline in Devices.
Previous report
Research and development expenses increased $329 million or 2% driven by Gaming, with 5 points of growth from the Activision Blizzard acquisition, offset in part by a decline in Devices and prior year impairment charges resulting from changes to our hardware portfolio.
Previous report
Sales and marketing expenses increased $628 million or 6% driven by Gaming, with 5 points of growth from the Activision Blizzard acquisition.
Reworded paragraphs (53)
Previous wording
Highlights from the second quarter of fiscal year 2024 compared with the second quarter of fiscal year 2023 included:
Current wording
Highlights from the third quarter of fiscal year 2024 compared with the third quarter of fiscal year 2023 included:
Previous wording
Office Commercial products and cloud services revenue increased 15% driven by Office 365 Commercial growth of 17%.
Current wording
Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 15%.
Previous wording
Office Consumer products and cloud services revenue increased 5% and Microsoft 365 Consumer subscribers grew to 78.4 million.
Current wording
Office Consumer products and cloud services revenue increased 4% and Microsoft 365 Consumer subscribers grew to 80.8 million.
Previous wording
Server products and cloud services revenue increased 22% driven by Azure and other cloud services growth of 30%.
Current wording
Server products and cloud services revenue increased 24% driven by Azure and other cloud services growth of 31%.
Previous wording
Windows revenue increased 9% with Windows original equipment manufacturer licensing (“Windows OEM”) revenue growth of 11% and Windows Commercial products and cloud services revenue growth of 9%.
Current wording
Windows revenue increased 11% with Windows original equipment manufacturer licensing (“Windows OEM”) revenue growth of 11% and Windows Commercial products and cloud services revenue growth of 13%.
Previous wording
Xbox content and services revenue increased 61% driven by 55 points of net impact from the Activision Blizzard Inc. (“Activision Blizzard”) acquisition. The net impact reflects the change of Activision Blizzard content from third-party to first-party.
Current wording
Xbox content and services revenue increased 62% driven by 61 points of net impact from the Activision Blizzard Inc. (“Activision Blizzard”) acquisition. The net impact reflects the change of Activision Blizzard content from third-party to first-party.
Previous wording
Our international operations provide a significant portion of our total revenue and expenses. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. Fluctuations in the U.S. dollar relative to certain foreign currencies increased reported revenue and did not have a material impact on reported expenses from our international operations for the three months ended December 31, 2023, and did not have a material impact on reported revenue and expenses from our international operations for the six months ended December 31, 2023.
Current wording
Our international operations provide a significant portion of our total revenue and expenses. Many of these revenue and expenses are denominated in currencies other than the U.S. dollar. As a result, changes in foreign exchange rates may significantly affect revenue and expenses. Fluctuations in the U.S. dollar relative to certain foreign currencies did not have a material impact on reported revenue and expenses from our international operations for the three and nine months ended March 31, 2024.
Previous wording
Revenue increased $9.3 billion or 18% driven by growth across each of our segments. Intelligent Cloud revenue increased driven by Azure. More Personal Computing revenue increased driven by Gaming. Productivity and Business Processes revenue increased driven by Office 365 Commercial.
Current wording
Revenue increased $9.0 billion or 17% driven by growth across each of our segments. Intelligent Cloud revenue increased driven by Azure. More Personal Computing revenue increased driven by Gaming. Productivity and Business Processes revenue increased driven by Office 365 Commercial.
Previous wording
Cost of revenue increased $3.0 billion or 9% driven by growth in Microsoft Cloud and Gaming, offset in part by a decline in Devices.
Current wording
Cost of revenue increased $2.4 billion or 15% driven by growth in Microsoft Cloud and Gaming.
Previous wording
Gross margin increased $12.7 billion or 18% driven by growth across each of our segments.
Current wording
Gross margin increased $6.6 billion or 18% driven by growth across each of our segments.
Previous wording
Gross margin percentage increased. Excluding the impact of the prior year change in accounting estimate for the useful lives of our server and network equipment, gross margin percentage increased 2 points driven by improvement in More Personal Computing.
Current wording
Gross margin percentage increased slightly. Excluding the impact of the prior year change in accounting estimate for the useful lives of our server and network equipment, gross margin percentage increased 1 point driven by improvement in More Personal Computing.
Previous wording
Microsoft Cloud gross margin percentage increased slightly to 73%. Excluding the impact of the change in accounting estimate, Microsoft Cloud gross margin percentage increased 2 points driven by improvements in Azure and Office 365 Commercial, offset in part by the impact of scaling our AI infrastructure.
Current wording
Microsoft Cloud gross margin percentage decreased slightly to 72%. Excluding the impact of the change in accounting estimate, Microsoft Cloud gross margin percentage increased slightly driven by improvements in Azure and Office 365 Commercial, inclusive of scaling our AI infrastructure, offset in part by sales mix shift to Azure.
Previous wording
Revenue increased $15.7 billion or 15% driven by growth across each of our segments. Intelligent Cloud revenue increased driven by Azure. Productivity and Business Processes revenue increased driven by Office 365 Commercial. More Personal Computing revenue increased driven by Gaming.
Current wording
Revenue increased $24.7 billion or 16% driven by growth across each of our segments. Intelligent Cloud revenue increased driven by Azure. Productivity and Business Processes revenue increased driven by Office 365 Commercial. More Personal Computing revenue increased driven by Gaming.
Previous wording
Cost of revenue increased $2.1 billion or 12% driven by growth in Microsoft Cloud and Gaming, offset in part by a decline in Devices.
Current wording
Cost of revenue increased $5.4 billion or 11% driven by growth in Microsoft Cloud and Gaming, offset in part by a decline in Devices.
Previous wording
Microsoft Cloud gross margin percentage of 72% was relatively unchanged. Excluding the impact of the change in accounting estimate, Microsoft Cloud gross margin percentage increased 1 point driven by improvements in Azure and Office 365 Commercial, offset in part by the impact of scaling our AI infrastructure.
Current wording
Microsoft Cloud gross margin percentage of 72% was relatively unchanged. Excluding the impact of the change in accounting estimate, Microsoft Cloud gross margin percentage increased 1 point driven by improvements in Azure and Office 365 Commercial, inclusive of scaling our AI infrastructure, offset in part by sales mix shift to Azure.
Previous wording
Operating income increased $2.1 billion or 26%.
Current wording
Revenue increased $2.1 billion or 12%.
Previous wording
Office Commercial products and cloud services revenue increased $1.5 billion or 15%. Office 365 Commercial revenue grew 17% with seat growth of 9%, driven by small and medium business and frontline worker offerings, as well as growth in revenue per user. Office Commercial products revenue declined 17% driven by continued customer shift to cloud offerings.
Current wording
Office Commercial products and cloud services revenue increased $1.4 billion or 13%. Office 365 Commercial revenue grew 15% with seat growth of 8%, driven by small and medium business and frontline worker offerings, as well as growth in revenue per user. Office Commercial products revenue declined 20% driven by continued customer shift to cloud offerings.
Previous wording
LinkedIn revenue increased $362 million or 9% driven by growth across all lines of business – Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions.
Current wording
LinkedIn revenue increased $354 million or 10% driven by growth across all lines of business – Talent Solutions, Premium Subscriptions, Marketing Solutions, and Sales Solutions.
Previous wording
Gross margin increased $1.8 billion or 14% driven by growth in Office 365 Commercial. Gross margin percentage increased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage increased 1 point driven by improvement in Office 365 Commercial.
Current wording
Gross margin increased $1.6 billion or 11% driven by growth in Office 365 Commercial. Gross margin percentage decreased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly driven by improvement in Office 365 Commercial.
Previous wording
Server products and cloud services revenue increased $8.3 billion or 22% driven by Azure and other cloud services. Azure and other cloud services revenue grew 30% driven by growth in our consumption-based services. Server products revenue increased 3% driven by demand for Windows Server and SQL Server running in multi-cloud environments.
Current wording
Server products and cloud services revenue increased $4.8 billion or 24% driven by Azure and other cloud services. Azure and other cloud services revenue grew 31% driven by growth in our consumption-based services. Server products revenue increased 6% driven by continued demand for our hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments.
Previous wording
Revenue increased $3.0 billion or 11%.
Current wording
Operating income increased $3.0 billion or 32%.
Previous wording
Gross margin increased $5.9 billion or 20% driven by growth in Azure. Gross margin percentage was relatively unchanged. Excluding the impact of the change in accounting estimate, gross margin percentage increased 1 point driven by improvement in Azure, offset in part by the impact of scaling our AI infrastructure.
Current wording
Gross margin increased $3.1 billion or 20% driven by growth in Azure. Gross margin percentage decreased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly primarily driven by improvement in Azure, inclusive of scaling our AI infrastructure, offset in part by sales mix shift to Azure.
Previous wording
Windows revenue increased $454 million or 9% driven by growth in Windows OEM and Windows Commercial. Windows OEM revenue increased 11%. Windows Commercial products and cloud services revenue increased 9% driven by demand for Microsoft 365.
Current wording
Windows revenue increased $601 million or 11% driven by growth in Windows Commercial and Windows OEM. Windows Commercial products and cloud services revenue increased 13% driven by demand for Microsoft 365. Windows OEM revenue increased 11%.
Previous wording
Gaming revenue increased $2.7 billion or 32% driven by growth in Xbox content and services. Xbox content and services revenue increased 40% driven by 30 points of net impact from the Activision Blizzard acquisition. Xbox hardware revenue decreased 1%.
Current wording
Gaming revenue increased $1.8 billion or 51% driven by growth in Xbox content and services. Xbox content and services revenue increased 62% driven by 61 points of net impact from the Activision Blizzard acquisition. Xbox hardware revenue decreased 31% driven by lower volume of consoles sold.
Previous wording
Search and news advertising revenue increased $151 million or 2%. Search and news advertising revenue excluding traffic acquisition costs increased 9% driven by higher search volume.
Current wording
Search and news advertising revenue increased $98 million or 3%. Search and news advertising revenue excluding traffic acquisition costs increased 12% driven by higher search volume.
Previous wording
Gross margin increased $3.2 billion or 23% driven by growth in Gaming, with 8 points of net impact from the Activision Blizzard acquisition, as well as growth in Windows and Devices. Gross margin percentage increased driven by sales mix shift to higher margin businesses and improvement in Devices, including the impact from prior year impairment charges resulting from changes to our hardware portfolio.
Current wording
Gross margin increased $2.0 billion or 27% driven by growth in Gaming, with 13 points of net impact from the Activision Blizzard acquisition, as well as growth in Windows. Gross margin percentage increased driven by sales mix shift to higher margin businesses.
Previous wording
Operating expenses increased $1.3 billion or 38% driven by Gaming, with 48 points of growth from the Activision Blizzard acquisition, offset in part by 6 points of favorable impact from the prior year Q2 charge.
Current wording
Operating expenses increased $1.3 billion or 41% driven by Gaming, with 43 points of growth from the Activision Blizzard acquisition.
Previous wording
Office Commercial products and cloud services revenue increased $3.1 billion or 15%. Office 365 Commercial revenue grew 18% with seat growth of 9%, driven by small and medium business and frontline worker offerings, as well as growth in revenue per user. Office Commercial products revenue declined 17% driven by continued customer shift to cloud offerings.
Current wording
Office Commercial products and cloud services revenue increased $4.4 billion or 14%. Office 365 Commercial revenue grew 17% with seat growth of 8%, driven by small and medium business and frontline worker offerings, as well as growth in revenue per user. Office Commercial products revenue declined 18% driven by continued customer shift to cloud offerings.
Previous wording
Office Consumer products and cloud services revenue increased $118 million or 4% with continued growth in Microsoft 365 Consumer subscribers.
Current wording
Office Consumer products and cloud services revenue increased $181 million or 4% with continued growth in Microsoft 365 Consumer subscribers.
Previous wording
LinkedIn revenue increased $647 million or 9% driven by growth across all lines of business – Talent Solutions, Premium Subscriptions, Marketing Solutions, and Sales Solutions.
Current wording
LinkedIn revenue increased $1.0 billion or 9% driven by growth across all lines of business – Talent Solutions, Premium Subscriptions, Marketing Solutions, and Sales Solutions.
Previous wording
Dynamics products and cloud services revenue increased $274 million or 21% driven by Dynamics 365 growth of 27%.
Current wording
Dynamics products and cloud services revenue increased $811 million or 21% driven by Dynamics 365. Dynamics 365 revenue grew 26% driven by growth across all workloads.
Previous wording
Gross margin increased $3.6 billion or 14% driven by growth in Office 365 Commercial. Gross margin percentage increased slightly. Excluding the impact of the change in accounting estimate, gross margin percentage increased 1 point driven by improvement in Office 365 Commercial.
Current wording
Gross margin increased $5.2 billion or 13% driven by growth in Office 365 Commercial. Gross margin percentage was relatively unchanged. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly driven by improvement in Office 365 Commercial.
Previous wording
Operating expenses decreased $154 million or 2% driven by 2 points of favorable impact from the prior year Q2 charge.
Current wording
Operating expenses decreased $97 million or 1% primarily driven by 2 points of favorable impact from the prior year Q2 charge.
Previous wording
Server products and cloud services revenue increased $4.4 billion or 22% driven by Azure and other cloud services. Azure and other cloud services revenue grew 30% driven by growth in our consumption-based services. Server products revenue increased 3% driven by demand for Windows Server and SQL Server running in multi-cloud environments.
Current wording
Server products and cloud services revenue increased $13.1 billion or 23% driven by Azure and other cloud services. Azure and other cloud services revenue grew 30% driven by growth in our consumption-based services. Server products revenue increased 4% driven by continued demand for our hybrid solutions, including Windows Server and SQL Server running in multi-cloud environments.
Previous wording
Enterprise and partner services revenue increased $10 million or 1% driven by Enterprise Support Services.
Current wording
Enterprise and partner services revenue decreased $161 million or 3% driven by declines in Industry Solutions and Enterprise Support Services.
Previous wording
Gross margin increased $3.1 billion or 20% driven by growth in Azure. Gross margin percentage was relatively unchanged. Excluding the impact of the change in accounting estimate, gross margin percentage increased 1 point driven by improvement in Azure, offset in part by the impact of scaling our AI infrastructure.
Current wording
Gross margin increased $9.0 billion or 20% driven by growth in Azure. Gross margin percentage was relatively unchanged. Excluding the impact of the change in accounting estimate, gross margin percentage increased 1 point driven by improvement in Azure, inclusive of scaling our AI infrastructure, offset in part by sales mix shift to Azure.
Previous wording
Windows revenue increased $708 million or 7% driven by growth in Windows OEM and Windows Commercial. Windows OEM revenue increased 7%. Windows Commercial products and cloud services revenue increased 9% driven by demand for Microsoft 365.
Current wording
Windows revenue increased $1.3 billion or 8% driven by growth in Windows Commercial and Windows OEM. Windows Commercial products and cloud services revenue increased 10% driven by demand for Microsoft 365. Windows OEM revenue increased 8%.
Previous wording
Gaming revenue increased $2.4 billion or 49% driven by growth in Xbox content and services. Xbox content and services revenue increased 61% driven by 55 points of net impact from the Activision Blizzard acquisition. Xbox hardware revenue increased 3% driven by sales mix shift to higher-priced consoles.
Current wording
Gaming revenue increased $4.5 billion or 38% driven by growth in Xbox content and services. Xbox content and services revenue increased 47% driven by 40 points of net impact from the Activision Blizzard acquisition. Xbox hardware revenue decreased 7% driven by lower volume of consoles sold, offset in part by sales mix shift to higher-priced consoles.
Previous wording
Search and news advertising revenue increased slightly. Search and news advertising revenue excluding traffic acquisition costs increased 8% driven by higher search volume.
Current wording
Search and news advertising revenue increased $249 million or 3%. Search and news advertising revenue excluding traffic acquisition costs increased 10% driven by higher search volume.
Previous wording
Gross margin increased $2.2 billion or 34% driven by growth in Gaming, with 17 points of net impact from the Activision Blizzard acquisition, as well as growth in Devices and Windows. Gross margin percentage increased driven by improvement in Devices, including the impact from prior year impairment charges resulting from changes to our hardware portfolio, and sales mix shift to higher margin businesses.
Current wording
Gross margin increased $5.1 billion or 24% driven by growth in Gaming, with 10 points of net impact from the Activision Blizzard acquisition, as well as growth in Windows. Gross margin percentage increased driven by sales mix shift to higher margin businesses and improvement in Devices.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Operating income increased $5.2 billion or 23% driven by growth across each of our segments.
Current report — wording carried from elsewhere
Gross margin increased $19.3 billion or 18% driven by growth across each of our segments.
Current report — wording carried from elsewhere
Operating income increased $1.5 billion or 17%.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Prior year gross margin, operating income, net income, and diluted EPS were negatively impacted by the Q2 charge, which resulted in decreases of $152 million, $1.2 billion, $946 million, and $0.12, respectively.
Previous report — wording carried elsewhere
Revenue increased $4.4 billion or 20%.
Previous report — wording carried elsewhere
Revenue increased $4.4 billion or 13%.