Microsoft posted better-than-expected net income of $21.9 billion or $2.93 per diluted share. The company's revenue rose roughly 18% from a year ago to $62 billion, driven by growth in the intelligent cloud business.
Microsoft's market cap briefly surpassed $3 trillion in intraday trading Wednesday after the stock climbed more than 1% and hit around $404 per share. The stock erased some of its gains throughout the day and closed at $401.5 per share.
Overall, Microsoft stock looks like a hold at its current valuation. Sure, shares could pull back after such a big run-up, but the long-term thesis for holding the stock looks very strong.
Compiled from sources:
Modify on 2024-02-01 15:54
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