Friday, 26 April 2019 07:46

Microsoft tops US$1 trillion market cap after 3Q results Featured

By
Microsoft tops US$1 trillion market cap after 3Q results Courtesy Microsoft

Software giant Microsoft has become the third American company to hit US$1 trillion in market value after retailer and cloud provider Amazon and Apple, with the company's third-quarter results, which were better than expected, pushing up its stock price.

Microsoft crossed the trillion-dollar mark on Thursday US time as its shares rose more than 5% in the early part of the trading session. The company ended the day valued at US$991 billion.

Apple was the first US firm to cross the trillion-dollar mark, with the milestone being achieved last August. Amazon emulated Apple in September last year.

Microsoft's third-quarter results, announced on Wednesday, showed a 14% rise in revenue year-on-year to US$30.6 billion, with profits coming in at US$8.8 billion, a rise of 19% year-on-year.

As in many previous quarters, Microsoft's Azure cloud platform showed strong growth, with revenue growing 73% over the corresponding quarter in the previous financial year. Overall revenue from what it calls its intelligent cloud business was US$9.7 billion.

Despite a generally lacklustre PC market, Microsoft's best-known product, Windows, increased its OEM revenue by 9% as its division known as More Personal Computing increased its revenue by US$10.7 billion, a rise of 8%.

“Leading organisations of every size in every industry trust the Microsoft cloud," chief executive Satya Nadella said. "We are accelerating our innovation across the cloud and edge so our customers can build the digital capability increasingly required to compete and grow."

Microsoft is competing with Amazon to win a massive US$10 billion contract with the Department of Defence, and recently announced the setting up of two new Azure regions devoted to the hosting of government data at the defence department's Impact Level 6, the highest classification for data, to boost its chances in the race.

“Demand for our cloud offerings drove commercial cloud revenue to US$9.6 billion this quarter, up 41% year-over-year,” said executive vice-president and chief financial officer Amy Hood.

“We continue to drive growth in revenue and operating income with consistent execution from our sales teams and partners and targeted strategic investments.”

LEARN HOW TO REDUCE YOUR RISK OF A CYBER ATTACK

Australia is a cyber espionage hot spot.

As we automate, script and move to the cloud, more and more businesses are reliant on infrastructure that has high potential to be exposed to risk.

It only takes one awry email to expose an accounts payable process, and for cyber attackers to cost a business thousands of dollars.

In the free white paper ‘6 steps to improve your Business Cyber Security’ you will learn some simple steps you should be taking to prevent devastating malicious cyber attacks from destroying your business.

Cyber security can no longer be ignored, in this white paper you will learn:

· How does business security get breached?
· What can it cost to get it wrong?
· 6 actionable tips

DOWNLOAD NOW!

ADVERTISE ON ITWIRE NEWS SITE & NEWSLETTER

iTWire can help you promote your company, services, and products.

Get more LEADS & MORE SALES

Advertise on the iTWire News Site / Website

Advertise in the iTWire UPDATE / Newsletter

Promote your message via iTWire Sponsored Content/News

Guest Opinion for Home Page exposure

Contact Andrew on 0412 390 000 or email [email protected]

OR CLICK HERE!

Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments