Earnings beat pushes Microsoft market cap over $1 trillion mark

After the release of the company's fiscal third quarter earnings, Microsoft's stock briefly hit the $1 trillion mark in after-hours trading. This makes Microsoft the third company to rise to the trillion dollar club, a feat only two other companies have attained: Apple and Amazon.

Among other things, the software giant's strong results were fueled by a 73 percent increase in Azure revenue. Microsoft's revenue soared 14 percent year-over-year, to $30.6 billion.

Revenue rose 14 percent from a year earlier to $30.6 billion in the quarter ended March 31, the Redmond, Washington-based company said Wednesday in a statement. Analysts on average projected $29.9 billion. Net income was $8.8 billion, or $1.14 a share, compared with an average analyst estimate of $1 a share, according to data compiled by Bloomberg.

The fiscal third quarter featured a flurry of large brands, particularly in retail, signing agreements to use Microsoft’s Azure cloud software. Clients included grocer Kroger Co., Walgreens Boots Alliance Inc. and oil company Exxon Mobile Corp. Some, such as Walgreens, also committed to using cloud-based Office and security software. The deals reflect Chief Executive Officer Satya Nadella’s efforts to draw some customers away from cloud market leader Amazon.com Inc. and ink more significant clients. Microsoft also is benefiting as more traditional companies that are longtime customers move to the cloud.

More about Microsoft's results can be read at Bloomberg.