Vole has announced that its market capitalisation topped $500 billion for the first time since 2000 after the technology giant’s stock rose following another quarter of results that beat Wall Street’s expectations.
Shares of the world’s biggest software company rose as much as 2.1 percent to $65.64, an all-time high, in early trading, valuing the company at $510.37 billion.
The last time Microsoft was worth that was in March 2000, during the dotcom bubble when it had a market value of a little above $550 billion.
The Tame Apple Press has been reassuring everyone that Microsoft is still not as valuable as its favourite company. Apple’s market capitalisation is $642 billion and Google’s is more than $570 billion.
Vole’s second quarter results last Thursday beat analysts’ average estimate for both revenue and profit, mainly due to its fast-growing cloud computing business.
The company’s profit and revenue have now topped Wall Street’s expectations in seven of the last eight quarters.
Chief Executive Satya Nadella has been trying to spruce up Microsoft since taking over the snoozing giant nearly three years ago, from the shy and retiring Steve Ballmer. He appears to have built more credibility around the company’s efforts in areas such as cloud-based services.
When he started work in February 2014, you could pick up a share in Vole for $34 and the company value was $315 billion.
At least 11 brokerages raised their price targets on the stock, boosting the median price target to $68.50 from $68.