Posted September 06, 2018 05:06:11 A year ago, Microsoft Corp. was on track to sell $20 billion in stock.
But on Tuesday, the company said it’s sold more than $6 billion in shares.
The news came after Microsoft said it sold $3 billion worth of stock.
Its stock has gained more than 20% this year.
A year earlier, Microsoft was trading at a price of $8.60.
On Tuesday, it rose by more than 10% to $9.20.
Microsoft’s shares fell 7% in after-hours trading.
A stock market downturn is expected in the coming weeks.
Microsoft, a major company in software and hardware, said on Tuesday that its quarterly profit rose 5% to a record $3.5 billion, even as the company’s share price fell 5% on the news.
Shares have risen more than 80% since Microsoft bought Nokia Corp. in 2011.
Microsoft shares have been among the best performers on the S&P 500 since 2009, when the technology company began buying back its own shares.
But Microsoft said Tuesday that it sold shares that could be a source of exposure for other companies.
The company said the company sold about $2 billion of its own stock on Tuesday.
Microsoft said its total sales for the quarter was $6.5bn, which included $2.3bn in acquisitions.
Microsoft is on track for its largest quarterly profit since 2009.
Its shares rose 8% to close at $9,204.19 on Tuesday and were up 8% in early trading.
Shares in other tech companies rose in after hours trading on Tuesday after Microsoft’s announcement.
Facebook Inc. shares rose more than 2% after the social media giant said it will increase its dividend by about 8% this month.
Amazon.com Inc. rose 2% to trade at $96.16 on Tuesday as it continued to report higher-than-expected quarterly earnings.
Alphabet Inc. gained 4% to its highest level in six years as it reported strong fourth-quarter revenue and profits, although it has been plagued by delays and technical problems.
Google Inc. jumped 1.3% to rise 1,066 points to $115.90.
Twitter Inc. fell 0.6% to 1,003 points as it also reported strong quarterly results.
Microsoft has faced pressure from investors to boost its share count as it struggles to attract enough buyers to keep its stock afloat.
Microsoft also said it would add 5,000 jobs to its workforce, which is its highest-ever hiring goal.