Microsoft nearing $1 trillion valuation
MICROSOFT'S cloud computing business fuelled quarterly sales and profit that topped analysts' estimates, boosted by several new deals with large corporate clients.
The company's shares rose about 5pc in pre-market trading Thursday, after closing at $125.01 in New York, bring the company - headed by Satya Nadella - closer to a $1 trillion market valuation.
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Microsoft shares have gained 23pc this year, topping the 17pc increase in the S&P 500 Index. The software maker, for a time, leapfrogged Apple to become the most valuable publicly-traded US company by market capitalisation, and is currently valued at about $960bn.
Revenue rose 14pc from a year earlier to $30.6bn in the quarter ended March 31, the Washington-based company said Wednesday. Analysts on average projected $29.9bn. Net income was $8.8bn, or $1.14 a share, compared with an average analyst estimate of $1 a share, according to data compiled by Bloomberg.
The fiscal third quarter featured a flurry of large brands, particularly in retail, signing agreements to use Microsoft's Azure cloud software.