Microsoft tops trillion-dollar mark for first time

Microsoft hit the trillion-dollar value mark on Thursday for the first time, becoming the third technology giant to reach the symbolic milestone.

Shares in Microsoft rallied some five per cent to $130.59 in early Wall Street trade after a robust earnings report a day earlier.

That gave Microsoft a market capitalization of just over $1 trillion, before dipping back slightly.

At its current levels, Microsoft is the worldโ€™s most valuable company, ahead of Apple and Amazon, which last year topped $1 trillion before slipping back.

On Wednesday, Microsoft said profits in the quarter to March 31 rose 19 per cent to $8.8 billion on revenues of $30.8 billion, an increase of 14 per cent from the same period a year earlier.

The results were driven by growth in cloud computing and business services, the new focus for Microsoft after a long run as a leader in consumer software.

โ€œThis quarter was an absolute โ€˜blow out quarterโ€™ across the board with no blemishes and in our opinion speaks to an inflection point in deal flow as more enterprises pick (Microsoft) for the cloud,โ€ said Daniel Ives of Wedbush Securities.

โ€œWhile the stock has been very strong and a trillion dollar market cap is now reached, we believe the cloud party is just getting started in Redmond.โ€

(AFP)

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