Riding on impressive earnings from its cloud computing services, internet giant Microsoft Corp touched the $1 trillion market cap for the first time, though for a brief period, reports Mint.
Thanks to sustained growth in its cloud computing business and a boost in the Windows revenue, the Washington-based company toppled Wall Street estimates for quarterly profits and revenue. Microsoft's earnings per share of $1.14 beat street expectations of $1.
Once heavily reliant on Windows operating system, Microsoft under CEO Satya Nadella has seen a massive shift towards cloud computing over the past five years. Presently, Microsoft’s flagship cloud product Azure competes with market leader Amazon Web Services (AWS).
Though Azure is still much smaller than rival Web Service, analysts note that it’s growing faster than AWS was at a similar size.
Microsoft’s commercial cloud revenue, including Azure, Office 365 and LinkedIn stood at $9.6 billion this quarter, up 41 per cent from the previous year but down slightly from the 48 per cent growth rate registered in the last quarter.