Earnings Release FY24 Q3

Income Statements
(In millions, except per share amounts) (Unaudited)		Three Months Ended March 31,		Nine Months Ended March 31,
(In millions, except per share amounts) (Unaudited)		2024	2023	2024	2023
	Revenue:
	Product	$ 17,080	$ 15,588	$ 51,556	$ 47,846
	Service and other	44,778	37,269	128,839	107,880
	Total revenue	61,858	52,857	180,395	155,726
	Cost of revenue:
	Product	4,339	3,941	13,834	13,933
	Service and other	14,166	12,187	40,596	35,135
	Total cost of revenue	18,505	16,128	54,430	49,068
	Gross margin	43,353	36,729	125,965	106,658
	Research and development	7,653	6,984	21,454	20,456
	Sales and marketing	6,207	5,750	17,640	16,555
	General and administrative	1,912	1,643	5,363	5,378
	Operating income	27,581	22,352	81,508	64,269
	Other income (expense), net	(854)	321	(971)	315
	Income before income taxes	26,727	22,673	80,537	64,584
	Provision for income taxes	4,788	4,374	14,437	12,304
	Net income	$ 21,939	$ 18,299	$ 66,100	$ 52,280
	Earnings per share:
	Basic	$ 2.95	$ 2.46	$ 8.90	$ 7.02
	Diluted	$ 2.94	$ 2.45	$ 8.85	$ 6.99
	Weighted average shares outstanding:
	Basic	7,431	7,441	7,431	7,450
	Diluted	7,472	7,464	7,467	7,474

IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice); All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.

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