Microsoft Hits $2 Trillion Market Cap
Microsoft's market capitalization hit $2 trillion for the first time. GeekWire reports: The Redmond, Wash.-based tech giant trails only Apple among the world's most valuable companies. Apple became the first publicly traded U.S. company to reach the $2 trillion mark in August. Fellow Seattle-area giant Amazon, valued Tuesday at $1.77 trillion, is also approaching the $2 trillion club. Microsoft stock was up 1.1% Tuesday and is up more than 20% this year. The company continues to see growing demand for its cloud services as the pandemic has accelerated technology adoption. It beat quarterly expectations with $41.7 billion in revenue for the March quarter, up 19% year-over-year -- its biggest revenue growth since 2018 -- and profits of $15.5 billion, up 44%. A Wedbush report last month projected more growth ahead for Microsoft, with Azure's cloud momentum "still in its early days" and the company "firmly positioned to gain more market share vs. AWS in this cloud arms race." Microsoft also continues to invest heavily in its gaming business; add new features to its Teams collaboration software; and is staying active in the M&A arena with its $19.7 billion acquisition of Nuance Communications and reported interest in Discord and Pinterest.
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