Nadella said that, for now, most of his company's business is in the United States, Europe and the rest of Asia, so he does not see new policies and trade restrictions as a major issue apart from any disruption to supply chains.

Judge as of 2023-11-15. The core factual part is that most of Microsoft's business is in the United States, Europe and the rest of Asia (that is, not in China). True: Nadella made this statement around that date, and Microsoft's filings (the FY2023 10-K revenue by geography and disclosures on China) show most revenue comes from the US and other non-China markets, with China a small share. Mostly true: the statement and revenue split hold, but a detail differs, such as the exact wording or date. Mixed: the attribution is confirmed but the geographic picture is only partly supported. Mostly false: the statement is materially misquoted, or China is a substantial share of revenue. False: the filings show most revenue outside those regions, or he made no such statement.

Set before the research began.

1. E1 Microsoft CEO Nadella says company isn't focused on ... CNBC · 15 November 2023

   “At least for us, today, the majority of our business is in the United States and in Europe and in the rest of Asia, and so we don't see this as a major, major issue for us, quite frankly, other than any disruption to supply chain,”

2. E2 Worldwide Exchange : CNBC : November 16, 2023 5:00am-6:00am EST : Free Borrow & Streaming : Internet Archive Internet Archive (TV Archive, recording of CNBC broadcast) · 16 November 2023

   “the majority of our business is in the united states and in europe and in the rest of asia, and so we don't see this as a major, major issue for us quite frankly other than any disruption to supply chains.”

3. E3 10-K U.S. Securities and Exchange Commission (Microsoft Corporation Form 10-K for fiscal year ended June 30, 2023) · 27 July 2023

   “No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for fiscal years 2023, 2022, or 2021.”

4. E4 Microsoft Annual Report 2023 Microsoft Corporation (Investor Relations annual report) Own record

   “Year Ended June 30, | 2023 | | 2022 | | 2021 | | United States (a) | $ 106,744 | | $ 100,218 | | $ 83,953 | | Other countries | 105,171 | | 98,052 | | 84,135 |”

E1 and E2, both independent, confirm that Nadella made the quoted remark around 15 November 2023, almost word for word. E3 is Microsoft's FY2023 10-K. It says no country other than the United States accounted for more than 10% of revenue, so China's share was under 10%. In E4, Microsoft's own annual report table puts US revenue for the year ended June 30, 2023 at $106,744 against $105,171 for other countries, about half the total. This supports the claim that most of the business is outside China.