Microsoft today announced the fiscal year 2024, fiscal quarter 1 (Q3 2023) financial report, showing that the Xbox game business sector revenue of $3.919 billion, up 9% year-on-year, compared with the same period last year, an increase of $309 million.
Looking back at Microsoft’s 22-year history, excluding the Christmas shopping season, Xbox revenue for the quarter set a new single-quarter revenue record, and also set a record for the highest revenue in a fiscal quarter.
According to Microsoft’s 10-Q filing with the SEC, revenue growth in the Xbox Games business unit, which is largely attributable to content and services, was up 9 percent year-over-year. Activision Blizzard’s revenue has not yet been factored into Xbox’s numbers, and once it is, we expect quarterly revenue to increase by between $1 and more than $2 billion.
A brief summary of Xbox’s gaming revenue here:
- Games revenue up 9% (up 8% at constant currency)
- Xbox content and services revenue up 13% (up 12% at constant currency), driven by first-party content and Xbox Game Pass growth
- Xbox hardware revenue declined 7%
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