The technology giant from Redmond, Washington, briefly reached an increase in its value of 160,000 million dollars, if this trend continues, it could replace Saudi Aramco as the second most valuable company in the world. Its $2.2 trillion valuation is less than Apple’s by about $300 billion.
At least 18 analysts raised their price targets for the stock and Piper Sandler’s Brent Braceli said Microsoft’s strong results excited investors, with better-than-expected growth in a number of units from cloud computing to Office productivity software.
Microsoft’s results bode well for an industry that has laid off tens of thousands of workers recently as demand wanes in the face of a weak economy. Alphabet, Google’s parent company, also posted better-than-expected quarterly results, but its search engine grew just 2%, compared with a 10% rise for Microsoft’s Bing, which is benefiting from Google’s integration. Chat GPT technology.
“Investors didn’t like Alphabet’s call as much as Microsoft’s… Microsoft was very aggressive on AI and Google was very conservative,” said Dennis Dick, market structure analyst at Triple D Trading.