- Microsoft Corp on Wednesday briefly topped $1 trillion in value for the first time after executives predicted continued growth for its cloud computing business.
Microsoft's stock has gained about 23% gain so far this year, after hitting a record high of $125.85 during regular trading hours. Chief Financial Officer Amy Hood told investors that Microsoft expects to see growth in the fiscal fourth quarter in the business divisions in charge of Azure and Office 365, an online version of its longtime productivity software.
Microsoft tops tech rivals such as Amazon in market capitalization on some days despite having less revenue, partly because most of its sales go to businesses, which tend to be steadier customers than consumers. A growing proportion of Microsoft's software sales are billed as recurring subscription purchases, which are more reliable than one-time purchases.
Microsoft's"commercial cloud" revenue - which includes business use of Azure, Office 365 and LinkedIn - was $9.6 billion this quarter, up 41% from the previous year but down slightly from the 48% growth rate the previous quarter.
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