Microsoft hits $1 trillion market cap after earnings beat Wall Street estimates.


Microsoft reported its fiscal third-quarter earnings today and the stock jumped more than 3% what Wall Street expected (about $1 per share and revenue of $29.84 billion), by the end of Wednesday’s trading, the technology giant handily beat the figures with a bounty revenue of $30.6 billion (up 14 percent from last year’s ) and earnings per share of $1.14.
Microsoft shares are trading near a record after rallying 34% over the past year. The stock climbed past $130.50 in extended trading, pushing the market cap over $1 trillion. Nope! we certainly didn’t see this coming. Azure’s revenue surged 73%, Microsoft’s commercial cloud business, which includes Azure, grew 41% in the quarter to $9.6 billion up 22 percent from the year-ago quarter.

Microsoft’s productivity applications also fared well, with total revenue up by 14 percent to $10.2 billion. Here, revenue from LinkedIn also increased by 27 percent and the company highlighted that LinkedIn sessions also increased 24 percent. While Azure is still much smaller than rival Amazon Web Service, Stifel analysts say it’s growing faster than AWS was at a similar size. Microsoft and AWS are in the last stages of competing for a $10 billion Department of Defense contract, known as JEDI, after IBM and Oracle were recently ruled out. Last week, Wedbush analysts said momentum has been moving toward Microsoft CEO Satya Nadella in his effort to catch Amazon’s Jeff Bezos.

Richard Ogundiya

Journalist & Techpreneur. Africa, communications and data.


Leave a Comment

Your email address will not be published.

Previous Story

Watch & Listen to Toboré’s sensational rap bop – Cor Blimey.

Next Story

Malawi gives Long Awaited Malaria Vaccine a Go

Latest from Technology