Microsoft's Market Cap Tops $2 Trillion
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Tech giant Microsoft joined the likes of Apple and oil company Saudi Aramco in reaching the $2 trillion marker on Tuesday, CNN reports.
The company's market capitlization closed just $300 million below the $2 trillion mark with its stock reaching $265.51 per share during the session, still gaining around 1.1%.
The company finally reached the $2 trillion market cap level just two years after hitting the $1 trillion marker -- and the COVID-19 pandemic helped.
As more people spent time online amid quarantine, demand surged for gaming systems, PCs and cloud computing platforms.
In April, Microsoft reported sales soared 19% year-over-year to $41.7 billion in revenue for the three months ending March 31st. The company’s shares have risen 64% since March 2020, also partly buoyed by a tech stock rally.
CEO Satya Nadella, in a statement, said Microsoft is building on the momentum:
"Over a year into the pandemic, digital adoption curves aren't slowing down. We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform."
Microsoft is only the second public U.S. company to surpass the $2 trillion valuation, after Apple.
