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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Siddaramaiah will resign as CM before Belagavi assembly session, claims K'taka BJP chief Vijayendra
Bengaluru, Nov 15: Karnataka state BJP president B Y Vijayendra has claimed that Chief Minister Siddaramaiah will "resign" before the Belagavi assembly session, which is likely in December.
He also alleged that horse-trading was taking place within the Congress.
“We have the information that some Congress top guns in the state are moving around with money bags purchasing the MLAs to unseat him. When we have the information then naturally the Chief Minister is also aware of it,” Vijayendra told reporters here.
"Since the CM and his family members are facing corruption cases, he is unable to level allegations against his own party leaders. Hence he has claimed that the BJP was trying to lure 50 Congress MLAs by offering Rs 50 crore each, to topple his government," the Shikaripura MLA claimed.
Vijayendra claimed that Siddaramaiah may resign soon after the Maharashtra election results.
Asked whether the state would have a new CM during the Belagavi assembly session, the BJP state chief said, “I don’t think we may not have to wait till that time. He will resign before that.”
“Now it is very clear that Siddaramaiah is about to resign his position. There is no doubt about it. Now the point is when he would resign and who would succeed him.”
Accusing the Congress leaders of indulging in "horse trading", Vijayendra said with 66 seats in the 224-member Karnataka assembly, the BJP is not in a position to do it.
“If there is anyone you should be afraid of is not the BJP, but those ministers around you.”
CM Siddaramaiah on Wednesday had claimed that the BJP offered Rs 50 crore each to 50 Congress MLAs to topple his government but no one agreed for it.
