Home » Business & Economy » Microsoft beats Apple, Amazon to become most valuable US company
 

Microsoft beats Apple, Amazon to become most valuable US company

Speed News Desk | Updated on: 25 November 2018, 11:50 IST

American multinational technology company Microsoft Corporation has become the most valuable US company with $753.3 billion in market capitalisation. The tech giant has exceeded Apple for the first time since the year 2010.

 

American multinational technology company Microsoft Corporation has become the most valuable US company with $753.3 billion in market capitalisation. The tech giant has exceeded Apple for the first time since the year 2010.

Apple that became USD 1 trillion company in August, came down to USD 746.8 billion because of the lower-than-expected iPhone sales amid reports of its suppliers cutting cost and workforce.

Amazon with USD 736.6 billion is currently at third and Alphabet, the parent company of Google with USD 725.5 billion is at the fourth spot.

"With Microsoft now overshadowing all three, including Alphabet Inc, the firm now looks to be the most valuable tech company of the Silicon Valley giants," mspoweruser.com reported.

The investors are obviously becoming smarter day-by-day investing in companies with a sound Cloud service and software base. Even the small firms worldwide are becoming interested in developing robust software services.

Riding on its growing Azure Cloud, gaming and Surface laptop portfolio, Microsoft posted a revenue of $29.1 billion and net income of $8.8 billion for the first quarter of its 2019 financial results.

Revenue was up 19 percent while net income increased by 34 per cent. Operating income was $10 billion and increased 29 percent.

"We are off to a great start in fiscal 2019, a result of our innovation and the trust customers are placing in us to power their digital transformation," CEO Satya Nadella said in a statement.

Microsoft's gaming revenue increased 44 percent with Xbox software and services revenue growth of 36 percent while Surface revenue increased 14 percent.

First published: 25 November 2018, 11:50 IST
 
NEXT STORY