Just two years after passing the $1 billion market cap mark, the company hit the $2 trillion milestone.
Covid-19 was instrumental in getting it there. People were spending more time online due to the pandemic, driving up demand Microsoft’s computers and gaming systems as well as its cloud computing platform. Its shares were lifted by a stockmarket rally, and the success of tech companies.
Microsoft stock has risen 64% since March 2020 when the United States began to implement pandemic lockdowns. In April, Microsoft reported sales were up 19% year-over-year to $41.7 billion for the three months ended March 31.
“Over a year into the pandemic, digital adoption curves aren’t slowing down,” CEO Satya Nadella said in a statement at the time. “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform.”
Apple’s market value passed $2 trillion last August, and it currently stands at $2.24 trillion. Now, Microsoft has joined its ranks, with two other Big Tech firms, Amazon (AMZN) and Google (GOOGL GOOGLE), nipping at their heels. Amazon’s market cap hit $1.77 trillion on Tuesday, and Google parent Alphabet’s reached $1.67 trillion.