Microsoft poised for $4 trillion valuation after solid results
As AI powers its Azure cloud growth and Office Suite innovations, Microsoft’s valuation surpasses $4 trillion.
The tech giant Microsoft saw its market capitalisation exceed the $4 trillion threshold in after-hours trading on Wednesday as the firm's financial results exceeded market expectations in the April-June quarter.
The rise in valuation was driven by strong growth in revenue from Azure and other cloud services.
The stock price of Microsoft rose 8.28 percent to $555.74 in after-hours trading.
If the rally continues on Thursday, Microsoft would become the second company to exceed $4 trillion after Nvidia.
The tech firm’s net income rose to $27.23 billion in the fiscal fourth quarter ending June 30, up 24 percent from $22.04 billion a year ago, according to the company’s financial results released on Wednesday.
Microsoft’s revenue climbed 18 percent in the same period to $76.44 billion, up from $64.7 billion a year earlier, the results showed.
The figures came in above market expectations.