Microsoft Corp on Wednesday briefly topped $1 trillion in value for the first ti...
- Microsoft Corp on Wednesday briefly topped $1 trillion in value for the first time after executives predicted continued growth for its cloud computing business.
Microsoft shares rose 4.4% to $130.54 in late trading after the forecast issued on a conference call with investors, pushing the company ahead of Apple Inc’s $980 billion market capitalization. The companies and Amazon.com Inc have taken turns in recent months to rank as the world’s most valuable U.S.-listed company.
Azure, Microsoft’s flagship cloud product, competes with market leader Amazon Web Services to provide computing power to businesses. Microsoft tops tech rivals such as Amazon in market capitalization on some days despite having less revenue, partly because most of its sales is to businesses, which tend to be steadier customers than consumers. A growing proportion of Microsoft’s software sales are billed as recurring subscription purchases, which are more reliable than one-time purchases.
Microsoft’s “commercial cloud” revenue - which includes business use of Azure, Office 365 and LinkedIn - was $9.6 billion this quarter, up 41% from the previous year but down slightly from the 48% growth rate the previous quarter. Sales of the company’s Surface hardware grew 21% versus 39% the quarter before, also because customers waited for updated hardware they expected to be released soon.
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