Fidelity bank banner Camano banner
Microsoft market cap soars above $500 billion

By News Express on 28/01/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,536


  Microsoft stock hit an all-time high Friday, a day after the company released a quarterly earnings report that showed cloud computing is driving revenues to beat investor expectations.

By Friday afternoon, Microsoft was valued at $516.2 billion, the first time the company’s market capitalisation topped $500 billion since 2000 at the height of the first Silicon Valley boom. The stock closed at $65.78 per share, a 2.35 percent increase from its previous close.

The company posted adjusted earnings of 83 cents per share on adjusted revenues of $26.1 billion, beating forecasts of 79 cents off $25.2 billion.

Even more enticing for investors was that cloud computing services for businesses is becoming a pillar for revenue growth, along with social network LinkedIn that Microsoft acquired for $26 billion in a deal that closed last month.

Microsoft may have built a software empire with its popular Windows operating system, but analysts believe the tech giant is successfully switching gears to cloud services and other profit drivers as the global market cools for personal computers.

Revenue from its personal computing division declined 5 percent to $11.8 billion compared to last quarter.

“The pieces are falling into place as we are starting to see an important shift in the model, with improving profitability in growth segments,” analyst Ross MacMillan of RBC Capital Markets wrote in a report Friday.

Bets on artificial intelligence and a focus on Microsoft’s popular Office suite of business software are also paying off for the company.

“Our customers are seeing greater value and opportunity as we partner with them through their digital transformation,” Microsoft CEO Satya Nadella said of the earnings report. “Accelerating advancements in AI [artificial intelligence] across our platforms and services will provide further opportunity to drive growth in the Microsoft Cloud.”

Microsoft’s new market value still trails its competitors. Apple closed the week valued at $640.3 billion, while Google’s parent company, Alphabet, had a market value of $573 billion by close of markets Friday. (Barry Eitel/Anadolu Agency)
 

Source News Express

Posted 28/01/2017 1:05:25 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
FCT doctors go on strike Aug 25 over...

Traffic gridlock in Sokoto as APC leader Wammako...

US boosts war against Boko Haram, sends military...

Residents flee Oyo communities following signs of possible...

5 WAYS to protect your devices from WannaCrypt...

FRSC rescues pregnant woman from suspected kidnappers

Late Okpara inspired me — Ikpeazu

Breaking: Dasuki floors FG, DSS •You must allow...

2019: Stop deceiving us with free education promise,...

BREAKING NEWS: Court stops strike

Obasanjo to politicians: Use only your children as...

BREAKING NEWS: Nigeria’s Ambassador to the US, Prof....

 

Latest News 2019: Buhari, Atiku test popularity in the Southeast, By Muhammad Ajah Nigerian Military accuses UNICEF of sabotage, suspends activities in North-East Nigerian teacher in race for $1m Global Teacher Prize Minimum wage: Buhari, 36 governors in closed-door meeting Reps summon ministers, NNPC GMD, others over ‘unbudgeted’ subsidy funds 72 FRSC officials killed on duty in Kaduna zone Electoral Act: PDP contracted Russian agents to hack into INEC server — APC 2019: Lagosians do not want a one man’s Lagos — Agbaje Army buries officers, soldiers killed by Boko Haram during Metele attack 6-week-old baby miraculously survives Ebola 2,000 APC members in Oyo join ADC, say ruling party hijacked FG, Korean agency to launch Phase-2 ICT project

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,274 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,071 views) Shameless Genevieve Nnaji exposes breasts in public (327,970 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (281,574 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,021 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,368 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,255 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,447 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,819 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,599 views) Lagos plane crash: Journalist releases victims’ names (167,349 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,800 views)

 

CBN banner Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,881) Business Verdict (54) Columnists (973) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (313) International (2,825) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (74) News (41,424) Opinion (1,153) Pidgin (13) Politics (8,174) Religion (916) Sports (1,819) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera