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Friday, 26 April 2019 07:46

Microsoft tops US$1 trillion market cap after 3Q results Featured

Microsoft tops US$1 trillion market cap after 3Q results Courtesy Microsoft

Software giant Microsoft has become the third American company to hit US$1 trillion in market value after retailer and cloud provider Amazon and Apple, with the company's third-quarter results, which were better than expected, pushing up its stock price.

Microsoft crossed the trillion-dollar mark on Thursday US time as its shares rose more than 5% in the early part of the trading session. The company ended the day valued at US$991 billion.

Apple was the first US firm to cross the trillion-dollar mark, with the milestone being achieved last August. Amazon emulated Apple in September last year.

Microsoft's third-quarter results, announced on Wednesday, showed a 14% rise in revenue year-on-year to US$30.6 billion, with profits coming in at US$8.8 billion, a rise of 19% year-on-year.

As in many previous quarters, Microsoft's Azure cloud platform showed strong growth, with revenue growing 73% over the corresponding quarter in the previous financial year. Overall revenue from what it calls its intelligent cloud business was US$9.7 billion.

Despite a generally lacklustre PC market, Microsoft's best-known product, Windows, increased its OEM revenue by 9% as its division known as More Personal Computing increased its revenue by US$10.7 billion, a rise of 8%.

“Leading organisations of every size in every industry trust the Microsoft cloud," chief executive Satya Nadella said. "We are accelerating our innovation across the cloud and edge so our customers can build the digital capability increasingly required to compete and grow."

Microsoft is competing with Amazon to win a massive US$10 billion contract with the Department of Defence, and recently announced the setting up of two new Azure regions devoted to the hosting of government data at the defence department's Impact Level 6, the highest classification for data, to boost its chances in the race.

“Demand for our cloud offerings drove commercial cloud revenue to US$9.6 billion this quarter, up 41% year-over-year,” said executive vice-president and chief financial officer Amy Hood.

“We continue to drive growth in revenue and operating income with consistent execution from our sales teams and partners and targeted strategic investments.”

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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