Microsoft has become the most valuable US company with $753.3 billion in market capitalization, riding past Apple for the first time since 2010 when it came close to the Cupertino-based tech giant.
The investors are now betting big on companies with robust Cloud services and software services which are witnessing an increased demand from big and small enterprises the world over for their digital journey, at a time when giants like Facebook and Google face intense scrutiny for users’ data practices.
Revenue in Intelligent Cloud was $8.6 billion and increased 24 per cent. Server products and Cloud services revenue increased 28 per cent driven by Azure revenue growth of 76 per cent, Microsoft informed.
Foxconn, a Taiwan-based company, would produce around 100,000 fewer units daily to reflect the new demand outlook, down 20-25 per cent from the original optimistic outlook, Japanese financial paper Nikkei reported earlier this week.
