Categories Technology, U.S. Markets News

Microsoft joins the $1 trillion club post stellar earnings (See 3Q Infographic)

Microsoft Corp. (NASDAQ: MSFT) touched the $1 trillion market value point briefly on Thursday morning as shares continued their rally following the company’s strong Q3 earnings results reported on the previous day.

The tech giant’s shares rose over 4% earlier in the day before dipping down and are now up by 3.7%. Microsoft’s stock has gained 29% thus far this year.

Microsoft joins its peers Apple (NYSE: AAPL) and Amazon (NYSE: AMZN) who both made it to the trillion-dollar club but have since fallen below this level. Apple currently has a market cap of $976 billion while Amazon has a market value of $935 billion.

On Wednesday, after the bell, Microsoft reported its third quarter 2019 results, delivering earnings of $1.14 per share on revenue of $30.6 billion. The numbers topped analysts’ expectations for earnings of $1 per share on revenue of $29.8 billion.

Microsoft reports third quarter 2019 earnings results

Commercial cloud revenue grew 41% year-over-year to $9.6 billion with Azure posting revenue growth of 73%.

Also see: Microsoft Q3 2019 Earnings Report

For the fourth quarter of 2019, Microsoft expects revenues to be negatively impacted by foreign exchange. In the Productivity and Business Processes segment, revenues are expected to be between $10.55 billion and $10.75 billion.

Intelligent Cloud revenue is expected to range from $10.85 billion to $11.05 billion. In More Personal Computing, revenues are expected to come in the range of $10.8 billion and $11.1 billion. LinkedIn revenue growth is expected in the low 20s.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Cost reduction has become a priority for FedEx (FDX) after a challenging quarter

Shares of FedEx Corporation (NYSE: FDX) were up 1% on Tuesday. The stock has dropped 44% year-to-date and 34% over the past 12 months. The company delivered mixed results for

Prime Medicine is the next big biotech to pursue IPO. Here’s all you need to know

After a soft start to the year, the IPO market has witnessed muted activity so far though a few big companies entered the stock market. On the heels of AIG

Stock Watch: Is Darden Restaurants a good buy after earnings?

After a prolonged slowdown, the restaurant industry is returning to normal patterns but macroeconomic uncertainties and high inflation are currently playing spoilsport for it. While the pandemic-related slump forced many

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top