NEW YORK (TheStreet) -- Shares of Microsoft (MSFT) - Get Report were higher in pre-market trading on Monday as the technology company plans to increase the prices of its UK enterprise software services to reflect the falling pound.
Microsoft said it would raise prices for its enterprise software by 13% and for its Azure cloud services by 22% beginning Jan. 1, according to Reuters.
The move follows several other companies who have increased prices following the Brexit vote, such as Apple (AAPL) and Dell Technologies (DVMT) who both said they would hike prices by up to 10%, the Financial Times reports.
The pound is now down 18% against the dollar after the June 23 vote to leave the European Union.
Microsoft said it wouldn't raise the prices of consumer services, Reuters noted.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Microsoft as a Buy with a ratings score of A. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, solid stock price performance and good cash flow from operations. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: MSFT