Microsoft parties like it’s 1999
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.