TIL Desk/Business/San Francisco/ Microsoft has surpassed Alphabet, the parent company of Google, in the market capitalisation for the first time in three years, becoming the third most valuable firm after Apple and Amazon globally. According to a report late Tuesday, Microsoft had a market cap of $753 billion at the close of trading, almost $14 billion ahead of Alphabet.
Apple leads with a market cap of nearly $924 billion and Amazon is at distant second, with nearly $783 billion. The credit for Microsoft’s rise goes to its CEO Satya Nadella who has been strategically restructuring the company towards Cloud and Office offerings.
Driven by consistent growth in its Office and Cloud solutions, Microsoft posted a revenue of $26.8 billion and net income of $7.4 billion in its third quarter that ended on March 31. “We are innovating across key growth categories of infrastructure, AI, productivity and business applications to deliver differentiated value to customers,” Nadella said.
Office commercial products and Cloud services revenue increased 14 per cent — driven by Office 365 commercial revenue growth of 42 per cent.
