Published , by Sam Chandler
Published , by Sam Chandler
With another quarter of the year upon us, companies are preparing to begin their earnings calls. One of the latest companies out the gate with information is Microsoft (MSFT) who reported on its Q1 2024 results. In the earnings report, Microsoft reveals that its Xbox hardware revenue fell 7 percent in the first quarter of 2024.
On October 24, 2023, Microsoft (MSFT) released its earnings report for its Q1 2024 reporting period. The company also held a conference call and Q&A session where a few executives delivered pre-written statements about the performance of its various services. In this earnings report, Microsoft highlighted the revenue of its gaming arm.
Xbox hardware revenue declined 7% (down 8% CC)
It will be interesting to see whether the recently leaked Xbox Series X console refresh has a major effect on the hardware revenue for Microsoft. The leaked FTC documents revealed a mid-generation Xbox Series X and S refresher codenamed Brooklin and Ellewood, respectively. The files also showed an updated Xbox controller with a suite of new features including haptic feedback, an accelerometer, and something called “Direct-to-Cloud”.
Today’s earnings report also showed that Xbox content and services increased by 13 percent from Q1 2023 – despite no mention of Game Pass in the reports. Overall, Microsoft earnings results beat EPS and revenue expectations, despite the hardware revenue fall. Take a look at our Earnings Report page for more news on Microsoft and other companies reporting over the next couple of weeks.