Microsoft Corp. (MSFT) reported first-quarter revenue of $92.3 billion, up 19% from a year earlier, as year-over-year growth accelerated from 18% in both the June and March quarters.

Operating income was $45.9 billion, up 21%, or 22% in constant currency. GAAP net income was $36.6 billion, up 32%, and diluted earnings were $4.92 a share. Non-GAAP net income, which excludes the impact from investments in OpenAI, was $36.4 billion, up 18%, and non-GAAP diluted earnings were $4.89 a share.

Chief Financial Officer Amy Hood said Microsoft Cloud revenue of $63.9 billion rose 30%, or 31% in constant currency, after 27% growth in the June quarter and 29% in the March quarter. She said results exceeded expectations across revenue, operating income, and earnings per share.

Azure revenue increased 48%. Commercial remaining performance obligation rose 73% to $677 billion.

The company recast prior-period amounts to conform to fiscal 2027 segment changes announced in September 2026, replacing Productivity and Business Processes, Intelligent Cloud, and More Personal Computing with Agents and Infra and Devices and Consumer. Agents and Infra revenue was $76.8 billion, up 25%, with operating income of $40.6 billion. Devices and Consumer revenue was $15.5 billion, down 3%, with operating income of $5.4 billion.

Microsoft 365 commercial cloud revenue increased 17% on a reported basis, or 18% in constant currency, after 14% reported growth in the June quarter and 19% in the March quarter. On an adjusted basis, normalized for a 1-point benefit from in-period revenue recognition in the prior year, that line increased 18%, or 19% in constant currency. Microsoft 365 consumer cloud revenue increased 17%, or 16% in constant currency, after 24% growth in the June quarter and 33% in the March quarter. Industry solutions cloud revenue increased 10%.

Devices and Consumer declined 3%. Windows OEM and Devices revenue decreased 22%. XBOX content and services revenue decreased 2%, or 1% in constant currency. Search and advertising revenue excluding traffic acquisition costs increased 12%.

Gross margin was $62.6 billion. Product revenue was $14.6 billion and service and other revenue $77.6 billion. Additions to property and equipment were $39.4 billion, versus $19.4 billion in the year-ago quarter. Net cash from operations was $58.0 billion.

Microsoft returned $10.2 billion to shareholders in dividends and share repurchases in the first quarter of fiscal 2027, matching the amounts returned in the June and March quarters.

The company said it will provide forward-looking guidance on its earnings conference call and webcast.