General News
Microsoft reaches a $2 trillion market cap
Microsoft has officially entered the most elite of clubs: corporations with a market value exceeding $2 trillion.
The tech giant is only the second publicly traded American company, behind Apple (AAPL), to reach such a valuation. Oil company Saudi Aramco, which went public in 2019, has also previously passed that mark, though its market cap on Tuesday was $1.88 trillion.
Microsoft’s (MSFT) market capitalization topped $2 trillion during trading on Tuesday, and closed just $300 million shy of that mark. Its stock on Tuesday climbed 1.1% to $265.51.
The company reached the $2 trillion milestone just over two years after it first passed the $1 trillion market cap mark.
Covid-19 helped get it there. The pandemic meant people were spending more time on their devices, boosting demand for Microsoft’s computers, gaming systems and cloud computing platform. And a stock market rally — along with the success of tech companies in particular — lifted its shares.
In April, Microsoft reported sales were up 19% year-over-year to $41.7 billion for the three months ended March 31.
Over a year into the pandemic, digital adoption curves aren’t slowing down,” CEO Satya Nadella said in a statement at the time. “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform.”
Apple’s market value passed $2 trillion last August, and it currently stands at $2.24 trillion. Now, Microsoft has joined its ranks, with two other Big Tech firms, Amazon (AMZN) and Google (GOOGL GOOGLE), nipping at their heels. Amazon’s market cap hit $1.77 trillion on Tuesday, and Google parent Alphabet’s reached $1.67 trillion.
Source: CNN
-
Business1 week ago
QNET Triumphs at PR Awards 2024 with Three Prestigious Wins
-
Business5 days ago
Lagos State Officials Praise Jospong Group’s Eco-friendly Waste Management Module, Eyes Similar Module
-
General News2 weeks ago
Mawuena Trebarh passes on at 52
-
Entertainment4 weeks ago
Massive turnout at MTN SIW in Kumasi, ACP Kofi Sarpong lauds organisers
-
AgriBusiness3 weeks ago
Africa’s Agrifood Entrepreneurs Called to Action: Applications Open for the US$100,000 GoGettaz Agripreneur Prize Competition
-
Technology3 weeks ago
“AI is about partnerships, collaboration not replacement” -Bernard Acquah
-
Company/Corporate News3 weeks ago
QNET engages Stakeholders to mark 2024 World Health Day
-
Education2 weeks ago
UCC Council Chairman Creates Commotion Over Appointment of Registrar And Director of Human Resources