Microsoft passes landmark market cap; 2nd US firm to pass $2 trillion threshold
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San Francisco: Tech giant Microsoft reached a $2 trillion market capitalisation in trading, joining a small prestigious group of global companies that have crossed that threshold -- including Apple.
Apple had reached its own $2 trillion market cap back in August 2020.
Despite hitting $2 trillion in intra-day trading on Tuesday, Microsoft's valuation was about $300 million shy of the high-water mark by the time markets closed, AppleInsider reported.
Like Apple, Microsoft has benefitted from the work-from-home and remote education boom created as a result of the Covid-19 pandemic. Since March 2020, when lockdowns began, Microsoft's stock has surged 64 per cent.
Back in April, the company reported that its sales had risen 19 per cent year-over-year to $41.7 billion in the first quarter of 2020.
Apple's market valuation standards at $2.24 trillion, the report said. Some analysts believe the Cupertino tech giant could become the first to hit a $3 trillion market cap within a few years.
Along with the technology giants, oil company Saudi Aramco also once surpassed the $2 trillion mark. On Tuesday, its market valuation was $1.88 trillion.
(Based on IANS feed with minor edits)