Microsoft has joined an exclusive club whose only membership requirement is a market capitalization value of $1 trillion or more, and in the process it’s nabbed the crown for most-valuable company.
The software giant broke the barrier Wednesday in after-hours trading when shares jumped more than 4% on better-than-expected earnings and revenue. For the third quarter, Microsoft posted revenues of $30.6 billion and net income of $8.8 billion on strong performance from the company’s Windows, Xbox/gaming, search advertising and Surface businesses.
The boost makes Microsoft the third US company to hit that market-cap mark, as well as the most valuable US company, based on the trading price of all of a company’s shares added together.to hit the mark, in August, but its current market cap is $976 billion. a month later but now has a value of $935 billion.
Microsoft didn’t immediately respond to a request for comment.