Microsoft becomes the third publicly traded US company valued at $ 1 billion | Business

Microsoft has become the third publicly traded US company, after Apple and Amazon, to boast a market value of more than a million dollars after exceptional quarterly results that boosted its stock price.

The company exceeded sales and profit expectations as of March 31, thanks in particular to its cloud computing business, which recruited major corporate customers over the period.

Microsoft shares climbed 5 percent early in the trading session on Thursday, bringing its market value above £ 1,000 billion (£ 775 billion) for the first time before falling back below falling prices.

It was the last tech company to join this prestigious club, after its rival Apple, then Amazon, which exceeded the million dollar mark last year.

Since then, the shares of both companies have declined and Microsoft now has the largest market capitalization of all companies listed on the US stock market.

Shares of Facebook also traded up, up 6%, after easily beating forecasts with a 26% jump in their quarterly earnings, to more than $ 15 billion and an 8% increase in the number active users.

The better-than-expected results from Microsoft and Facebook helped propel New York's tech-driven Nasdaq equity index to a new high with more than 8,138 points.

This boost for Microsoft came after a 14% increase in its third-quarter revenue, reaching $ 30.6 billion. Net income rose 19% to $ 8.8 billion. Revenues from its cloud computing division jumped 14%, with US grocery companies Kroger and Walgreens Boots Alliance being among the big customers.

Satya Nadella, CEO of Microsoft, said, "Businesses of all sizes, sizes, and industries trust the Microsoft cloud. We are accelerating our innovations in the cloud and on the periphery so that our customers can build digital capabilities that are increasingly critical to competition and growth. "

Microsoft shares rose 3.4 percent to $ 129 at lunchtime in New York City, giving it a market value of about $ 995 billion. Apple is worth about $ 970 billion and Amazon is far behind with $ 940 billion.

Brad Reback of Securities Dealers Stifel said that Microsoft had a promising future: "We continue to believe that the move to the cloud will become an additive to Microsoft, given its portfolio of products offering more in-depth functionality, as well as Microsoft's ability to enter new categories without competition. previously."

Stifel has raised its price target for Microsoft from 150 to 150 USD.

"The cloud is clearly the way forward for Microsoft and the demand for these services should remain strong," said Jasper Lawler, head of research at London Capital Group.