Microsoft joined Apple Inc. to pass $2 trillion market capitalisation in trading, joining a small group of global companies. Apple reached its own $2 trillion market cap back in August 2020.
Like Apple, Microsoft has benefitted from the work-from-home and remote education boom created due to the Covid-19 pandemic. Since March 2020, when lockdowns began, Microsoft’s stock has surged 64 per cent.
Despite hitting $2 trillion in intraday trading, Microsoft’s valuation was about $300 million shies of the high-water mark by the time markets closed, AppleInsider reported.
In April, the tech giant reported that its sales had risen 19 per cent year-over-year to $41.7 billion in the first quarter of 2020. Along with the technology giants, oil company Saudi Aramco also once surpassed the $2 trillion mark. Its market valuation was $1.88 trillion.
