Microsoft has become the second company ever to achieve a $3 trillion market valuation, closing at this market cap for the first time.
Microsoft first crossed the $3 trillion mark yesterday, dipped back below before close of markets, and then climbed again to close at $3.01 trillion today, or $404.87 per share.
Microsoft is the second company to reach this milestone, after Apple, which achieved it in December of last year. The two tech giants have since been vying for the title of the most valuable company on Wall Street.
On the same day that Microsoft achieved this stock triumph, it laid off 1900 workers from its gaming division. This move is seen as a ripple effect from the company’s $69 billion acquisition of Activision Blizzard last year.
Almost exactly one year ago, Microsoft laid off 10,000 people across all its divisions, including a number from its gaming divisions.
In its most recent earnings (released in October of 2023, covering the quarter ending September 2023), Microsoft reported $56.5 billion in revenue, up 13% year over year, and Xbox content and services revenue also up 13% year-over-year. The company is expected to release its full-year earnings for 2023 next week.
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