Microsoft enters the $1 trillion market cap which was first attained by the tech giant Apple, followed by the e-commerce giant Amazon. This big tech companies, including Apple, Amazon, Microsoft, Alphabet and the like, have been racing on to cross the $1 trillion market.
According to Amy Hood, CFO at Microsoft, “Demand for our cloud offerings drove commercial cloud revenue to $9.6 billion this quarter, up 41% year-over-year. We continue to drive growth in revenue and operating income with consistent execution from our sales teams and partners and targeted strategic investments.”
Microsoft beats analyst expectation garnering $1.14 earnings per share and revenue of up to $30.6 billion compared to $29.84 billion analysts’ expectation.
This strategic move by Microsoft clearly brings the company to become the leading company that offers cloud services. Microsoft’s Azure has been a dominant cloud computing platform which competes with Amazon Web Services (AWS).
Brad Reback, Managing Director at Stifel said, “We continue to believe the shift to the cloud will be additive to Microsoft given a broader portfolio of products with deeper functionality as well as Microsoft’s ability to enter new categories where it did not compete previously.”
Microsoft’s fiscal third-quarter result makes the company the most valued company in the U.S.