After beating analyst expectations with its FY19 Q3 earnings report today, Microsoft’s stock surged to over $130 per share in after-hours trading, raising its market cap past $1 trillion. This would make Microsoft the third company to cross that threshold, following Amazon and Apple (via CNBC).
The landmark moment follows a long string of successful quarters for Microsoft, as its cloud business continues to grow substantially. Gaming revenues and Surface have also been highlights for Microsoft in recent quarters, further propelling its rising revenues.
For its third quarter of the fiscal year 2019, Microsoft brought in total revenues of $30.6 billion, a 14 percent increase over the same period last year. Net income was up 19 percent, surging to $8.8 billion.
Broken down by segment, Microsoft reported revenues of $10.2 billion in Productivity and Business Processes, $9.7 billion in Intelligent Cloud, and $10.7 billion in More Personal Computing (the section accounting for Windows, gaming, and Surface revenue).
If Microsoft’s after-hours stock price holds above $130, it will open trading on Thursday as a trillion-dollar company.