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Microsoft Corp. extended its pandemic-fueled run of strong quarterly earnings that have bolstered investor enthusiasm in the software giant, bringing the company near a $2 trillion valuation.

Microsoft has seen massive growth across its professional and consumer businesses with people stuck at home and remote work and distance education becoming the norm for many. That has driven rapid uptake of its cloud-computing services and supercharged the company’s videogaming sales. Microsoft’s stock is up around 50% over the past year, driving the company’s valuation to about $1.97 trillion, second only to Apple Inc.

“Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, ” Microsoft Chief Executive Satya Nadella said in a statement.

The Redmond, Wash., company posted a 19% increase in its fiscal third-quarter sales to about $41.7 billion, generating net income of $15.5 billion for the January through March period. The results beat Wall Street expectations, according to FactSet.

Microsoft shares retreated around 3% in after-hours trading after a strong run-up in the stock ahead of earnings.

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