Microsoft par­ties like it’s 1999

Daily Freeman (Kingston, NY) - - BUSINESS -

Microsoft climbed to an all-time high Fri­day as sur­pris­ingly strong earn­ings sent the com­pany’s stock to heights last seen in 1999.

The tech gi­ant’s first-quar­ter profit beat an­a­lysts’ ex­pec­ta­tions and in­vestors were pleased with the per­for­mance of its cloud com­put­ing busi­ness.

While rev­enue from those re­mote data cen­ters con­tin­ues to rise, Microsoft is still re­port­ing strong sales of soft­ware main­tained at of­fices. That’s helped the com­pany deal with lower sales of other prod­ucts af­ter it stopped mak­ing phones. Microsoft stock rose 4 pere­cent Fri­day and fin­ished at an all-time high of $59.66. Ad­just­ing for stock splits, the com­pany last set an all-time high in De­cem­ber 1999, when com­pany co-founder Bill Gates was still Microsoft’s CEO. That was be­fore the tech bub­ble burst. The com­pany’s stock has been on a strong run since Satya Nadella be­came CEO in early 2014, and since June 27 Microsoft is up 23 per­cent.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.