Microsoft passed $1 trillion in market value this week off the strength of an earnings report that showed stronger than expected sales and profits, making it only the third company to ever do so after Apple and Amazon.
Microsoft Joins Apple and Amazon as a Trillion Dollar Company
Microsoft has joined Apple and Amazon to be come only the third ever publicly-traded US company to achieve a market valuation of $1 trillion, marking a major milestone for the software giant.
In their quarterly earnings report this week, Microsoft reported stronger than expected sales and profits, boosting its share value and pushing the company over the $1 trillion line for the first time, following similar feats by Apple and Amazon last year. The market values of all three companies change moment to moment, and after Apple and Amazon passed $1 trillion in value, their share prices eventually receded, bring the companies current market value below the $1 trillion mark.
Microsoft, likewise, remained a trillion dollar company for less than a day before falling again to settle at $995 billion. It still has the largest market value of any publicly traded company, with Apple and Amazon close behind at $970 billion and $940 billion, respectively.
Cloud Services Continue to Fuel Growth in Tech
After Amazon posted a record quarterly profit this week powered largely by the steady growth of its cloud computing platform, Microsoft likewise saw its cloud services unit grow in the first-quarter of 2019.
Microsoft reported an overall revenue increase of 14 percent. Its cloud services unit also saw its revenue jump 14 percent, helping to push the company’s overall net income up by 19 percent.
“Leading organizations of every size in every industry trust the Microsoft cloud,” said Microsoft CEO Satya Nadella. “We are accelerating our innovation across the cloud and edge so our customers can build the digital capability increasingly required to compete and grow.”