FILE PHOTO: The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake
(Reuters) – Microsoft Corp’s market value vaulted above the $1 trillion mark for the first time in regular session trade on Thursday, pulling ahead of Apple Inc and making it the most valuable U.S. publicly traded company after quarterly earnings and revenue beat Wall Street expectations.
The stock, which pared gains as the morning wore on, was last up 3.9% at $129.84 on Nasdaq, giving it a valuation of $996.16 billion.
The software company was helped by predictions from its executives for continued growth for its cloud computing business in its quarterly conference call after the market close on Wednesday. The stock leapt above $1 trillion in after-hours trading following the report.
Microsoft, Apple and Amazon.com Inc have taken turns in recent months to rank as the world’s most valuable U.S.-listed company. Apple last traded at $205.91, giving it a market cap of $970.92 billion. Amazon trailed with a $939.25 billion value.
(GRAPHIC: Microsoft reaches $1 trillion in value – tmsnrt.rs/2Dx8ol2)
Reporting By Sinéad Carew; Editing by Sonya Hepinstall