BEIJING, March 31 (UPI) — Microsoft’s shares jumped 7 percent on Monday after it revealed a surge in cloud service usage, outperforming other major technology stocks. Since the outbreak of the new crown, more and more companies have promoted home-based work, which has also prompted many companies that provide the software to benefit. Microsoft is one of them.
The company’s Teams app helps people hold video conferences and exchange chat slots. On March 18, Microsoft said Teams added more than 12 million active users in a week, bringing the total to 44 million.
The company this week introduced a new version of Microsoft 365 bundled with Teams to consumers. The Skype app also continued to be popular, with 40 million daily active users, up 70 per cent from the previous month.
Microsoft’s cloud infrastructure business is also in large use, and such services can serve other businesses that are burdened by application stake.
“We’ve seen a 775 per cent increase in cloud services in areas where party or segregation is enforced. Microsoft wrote in a blog post on Sunday.
Microsoft’s Windows Virtual Desktop and Power BI services also grew.
Brad Reback, an analyst at investment bank Stifel, highlighted the data in a research report published on Monday: “We believe that the new crown outbreak will continue to accelerate the transition to flexible and expandable cloud services. We also believe that Microsoft can maintain its advantage in the short term (as illustrated by the statistics below) and in the long term (the new crown epidemic accelerates digital transformation). “
Microsoft and several small technology companies that sell telecommuting software have outperformed the broader market in recent weeks.
Microsoft fell 1 percent in March, while the Nasdaq fell 9 percent in the same period and the S.P. 500 fell 11 percent. Over 2020, the S.P. 500 and Nasdaq have risen 19 percent and 13 percent, respectively, while Microsoft is up 1.6 percent.