Microsoft surpasses Alphabet to become 3rd most valuable firm
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San Francisco, May 30: Microsoft has surpassed Alphabet, the parent company of Google, in the market capitalisation for the first time in three years, becoming the third most valuable firm after Apple and Amazon globally.
According to a report in Investor's Business Daily late Tuesday, Microsoft had a market cap of $753 billion at the close of trading, almost $14 billion ahead of Alphabet.
Apple leads with a market cap of nearly $924 billion and Amazon is at distant second, with nearly $783 billion.
The credit for Microsoft's rise goes to its CEO Satya Nadella who has been strategically restructuring the company towards Cloud and Office offerings.
Driven by consistent growth in its Office and Cloud solutions, Microsoft posted a revenue of $26.8 billion and net income of $7.4 billion in its third quarter that ended on March 31.
"We are innovating across key growth categories of infrastructure, AI, productivity and business applications to deliver differentiated value to customers," Nadella said.
Office commercial products and Cloud services revenue increased 14 per cent -- driven by Office 365 commercial revenue growth of 42 per cent.
The Azure cloud offering had 93 per cent revenue growth. Revenue in Productivity and Business Processes was $9 billion and increased 17 per cent in the quarter.
Microsoft now has over 135 million active Office 365 business users, with 30.6 million Office 365 consumer users.
Revenue in Intelligent Cloud was $7.9 billion and increased 17 per cent.
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UP CM Adityanath's plane makes emergency landing in Agra due to technical snag
Agra/Lucknow, Mar 26 (PTI): An aircraft carrying Uttar Pradesh Chief Minister Yogi Adityanath made an emergency landing at the Agra airport shortly after take off due to a technical snag, officials said.
The chief minister resumed his journey to Lucknow after over two hours, they said.
Adityanath was in Agra for a public event to mark the eighth anniversary of the BJP government in the state.
"After the programme, the chief minister was scheduled to leave from the Kheria Airport in Agra around 3.30 pm. The aircraft took off but returned shortly apparently due to a snag, which was then inspected by officials," a police official told PTI.
"The chief minister finally resumed his onward journey around 5.30 pm from Kheria," the official added.
Senior Agra district administration and police officials remained at the airport while the chief minister waited there. BJP supporters and local politicians were also present outside the airport.
Earlier in the day, Adityanath inaugurated and laid the foundation stone of 128 projects worth Rs 635.22 crore at 'Vikas Utsav' held in Agra to mark the completion of eight years of his government.
"Residents of Agra now have access to metro rail services, officially making Agra a metro city. The construction of the civil terminal at the airport is in its final stages," he said, adding that previous governments failed to provide these facilities.
