Microsoft had reported another strong quarterly result, thanks to cloud computing, and has authorized a one-time cash award for employees.
According to the company, its revenue was $64.7 billion, an increase of 15% over the year-ago quarter. Net income came in at $22 billion, also an increase of 15% from the year-ago quarter. Earnings per share were $2.95, an increase of 10%.
“Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft,” said Satya Nadella, chairman and chief executive officer of Microsoft. “As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era.”
“We closed out our fiscal year with a solid quarter, highlighted by record bookings and Microsoft Cloud quarterly revenue of $36.8 billion, up 21% (up 22% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.
According to GeekWire, Microsoft told employees it plans to give a one-time cash award in addition to their annual bonus. The cash bonus is slated to be anywhere from 10% to 25% of their annual bonus.
“The senior leadership team and I want to recognize the tremendous work and impact of our people who delivered a terrific year of solid execution and world-class innovation,” wrote Chief People Officer Kathleen Hogan in a company memo.
“All Microsoft employees in levels 67 and below, including hourly and equivalents, who receive FY24 rewards will be eligible to receive a special one-time only cash award in addition to their annual rewards,” Hogan added. “This special one-time cash award will scale based on the employee’s FY24 impact.”
Hogan said the cash award is a reflection of the role employees have played in the company’s stellar quarter.
“We recognize our FY24 success is a direct result of the incredible focus, creativity, and collaboration of our people and our collective efforts as One Microsoft,” Hogan wrote. “We are grateful for your dedication to our mission so that together we can continue to empower everyone around the world.”
GeekWire says Microsoft has intentionally structured the award to give more to newer employees who have less seniority, as well as less stock options.
“For example, employees in higher levels such as 67 would receive a cash award equivalent to approximately 10% of their annual bonus, whereas employees level 61 and below would receive a cash award equivalent to approximately 25% of their annual bonus,” Hogan wrote. “As the SLT considered this award, our goal was to ensure that everyone eligible receives a meaningful amount at all levels, and thus the differences in percentage of bonus based on level.”
It’s good to see companies valuing the role employees play in their success, and Microsoft is to be commended for taking the step it has.
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