Microsoft Stock Surging On A Gigantic Increase In Cloud Services (MSFT)

cloud network

Shares of Microsoft Corp (NASDAQ:MSFT) rallied during and after the close on Monday after the company reported increased usage of its cloud services in areas where social distancing or work-from-home and stay-at-home policies have been enforced.

Microsoft said that it has seen demand spike 775 percent for its telecommute-enabling application “Teams’, which now has more than 44 million daily active users. Those spread across the globe users generated over 900 million meeting and calling minutes on “Teams’ daily in a single week, according to a company statement.

The Redmond-based software giant said that it is adding new capacity as quickly as possible as the demand for other products including Xbox Game Pass, Xbox Live, and Windows Virtual Desktop also increases.

It should be noted that Microsoft is not the only company experiencing an uptick in product demand. Zoom Video (ZM), Slack Technologies (WORK), Cisco Systems (CSCO) and others are way up in usage as well, as the COVID-19 related crisis keeps re-shaping the way remote work is being handled.

Price Action

Microsoft shares closed more than 7% higher at $160.23 on Monday. The name traded fractionally higher at $160.50 in the pre-market session on Tuesday. The $1.22 trillion market cap company trades in a 52-week range of $118.38 to $190.70.

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About Ari Haruni 145 Articles
Ari Haruni is the Co-Founder & CEO of Wall Street Pit.

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