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Microsoft flies towards $1trn high as cloud lifts earnings - Proactive Investors USA & Canada

Microsoft Corporation (NASDAQ:MSFT) grew third-quarter sales and earnings faster than Wall Street expected as it continued to enjoy strong demand for its cloud computing software and services.

Shares in the tech colossus are expected to climb to a record high when trading begins on Wall Street on Thursday, lifting its valuation firmly above $1trn.

Earnings per share of $1.14 in the three months to 31 March were up 20% on the same quarter last year, as revenue swelled 14% to $30.6bn, driven by a 41% increase in commercial cloud revenue to $9.6bn. Net income was up 19% to $8.8bn.

Analysts on the Street had pencilled in revenue of $29.9bn, $1 of EPS and net income of $7.7bn, according to Bloomberg.

“Leading organizations of every size in every industry trust the Microsoft cloud,” said chief executive officer Satya Nadella, adding that the company was accelerating investment and innovation across the cloud and its Edge browser “so our customers can build the digital capability increasingly required to compete and grow”.

Having gained roughly 23% so far in 2019, Microsoft stock hit a record high of $125.85 on Wednesday and topped $130 in pre-market trading on Thursday.

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