Microsoft hits US$1trn market cap alongside strong cloud performance
Microsoft released its Q3 results, ending 31 March 2019, on 24 April, revealing outstanding performance of its cloud-based business operations.
CNBC reported that the news, which beat expectations for both earnings and revenue, saw Microsoft’s stock value rise by 3% to US$130.50 and push its market cap beyond $1trn.
Year-on-year, Microsoft’s revenue increased by 14% to $30.6bn, with net income rising by 19% to hit $.8bn.
Revenue in its Intelligent Cloud business reached $9.7bn, rising 22% from Q3 2018, and Microsoft highlighted that Azure’s revenue grew by an astounding 73% while server products and cloud services revenue overall rose by 27%.
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“Demand for our cloud offerings drove commercial cloud revenue to $9.6 billion this quarter, up 41% year-over-year,” said Amy Hood, Executive Vice President and CFO at Microsoft, in the company’s press release.
“We continue to drive growth in revenue and operating income with consistent execution from our sales teams and partners and targeted strategic investments.”
Satya Nadella, Microsoft CEO, added:
“Leading organizations of every size in every industry trust the Microsoft cloud. We are accelerating our innovation across the cloud and edge so our customers can build the digital capability increasingly required to compete and grow.”