Office 365 and Azure are really the crown jewels of Microsoft's business right now. Both Windows revenue and XBox hardware revenue are down 30% year over year.

Windows is suffering due to the PC upgrade cycle as everyone bought new devices during COVID.

https://www.theverge.com/2023/4/25/23697649/microsoft-q3-2023-earnings-revenue-profits-windows-xbox-gaming-surface

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