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