Exhibit 99.1

Microsoft Cloud Powers Record Fourth Quarter Results

REDMOND, Wash. — July 18, 2019 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2019, as compared to the corresponding period of last fiscal year:

 

   

Revenue was $33.7 billion and increased 12%

   

Operating income was $12.4 billion and increased 20%

   

Net income was $13.2 billion GAAP and $10.6 billion non-GAAP, and increased 49% and 21%, respectively

   

Diluted earnings per share was $1.71 GAAP and $1.37 non-GAAP, and increased 50% and 21%, respectively

   

GAAP results include a $2.6 billion net income tax benefit explained in the Non-GAAP Definition section below

“It was a record fiscal year for Microsoft, a result of our deep partnerships with leading companies in every industry,” said Satya Nadella, chief executive officer of Microsoft. “Every day we work alongside our customers to help them build their own digital capability — innovating with them, creating new businesses with them, and earning their trust. This commitment to our customers’ success is resulting in larger, multi-year commercial cloud agreements and growing momentum across every layer of our technology stack.”

The following table reconciles our financial results reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.

 

     

Three Months Ended June 30,

 

 

   ($ in millions, except per share amounts)

 

  

  Revenue  

 

    

  Operating  
  Income  

 

    

  Net Income  

 

    

  Diluted  
  Earnings per  
  Share  

 

 

  2018 As Reported (GAAP)

  

 

$30,085

 

  

 

$10,379

 

  

 

$8,873

 

  

 

$1.14

 

  Net Impact of the Tax Cuts and Jobs Act (TCJA)

  

 

-

 

  

 

-

 

  

 

(104)

 

  

 

(0.01)

 

  2018 As Adjusted (non-GAAP)

  

 

$30,085

 

  

 

$10,379

 

  

 

$8,769

 

  

 

$1.13

 

  2019 As Reported (GAAP)

  

 

$33,717

 

  

 

$12,405

 

  

 

$13,187

 

  

 

$1.71

 

  Net Tax Impact of Transfer of Intangible Properties

  

 

-

 

  

 

-

 

  

 

(2,567)

 

  

 

(0.34)

 

  2019 As Adjusted (non-GAAP)

  

 

$33,717

 

  

 

$12,405

 

  

 

$10,620

 

  

 

$1.37

 

  Percentage Change Y/Y (GAAP)

  

 

12%

 

  

 

20%

 

  

 

49%

 

  

 

50%

 

  Percentage Change Y/Y (non-GAAP)

  

 

12%

 

  

 

20%

 

  

 

21%

 

  

 

21%

 

  Percentage Change Y/Y (non-GAAP) Constant Currency

  

 

14%

 

  

 

24%

 

  

 

24%

 

  

 

24%

 

The current quarter effective tax rate was (5)% and 16% on a GAAP and non-GAAP basis, respectively. GAAP results include a net income tax benefit of $2.6 billion for the fourth quarter of fiscal year 2019 and a net income tax benefit of $104 million for the fourth quarter of fiscal year 2018. These net tax benefits are excluded from our non-GAAP results and explained in the Non-GAAP Definition section below.


The following information was filed by Microsoft Corp (MSFT) on Thursday, July 18, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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