After Microsoft Corp. (MSFT Quick QuoteMSFT - Free Report) reported better-than-expected first quarter fiscal 2017 financial results, its stock responded in the best way possible: reaching a new all-time high.

On Thursday, MSFT stock surged almost 6% to over $60 a share in after-hours trading, marking a new all-time high for the tech giant’s shares and rising above its highest-ever closing price, which was reached back in 1999. Its currently trading up around 4.7% to $59.94 a share in afternoon trading on Friday.

Microsoft reported revenues of $22.35 billion for its first quarter, roughly $600 million ahead of expectations. Earnings per share came in at 76 cents, well ahead of the Zacks Consensus Estimate of 68 cents per share.

Its Productivity and Business Processes (think Office 365), Intelligent Cloud, and PC divisions all outperformed estimates as well for the quarter. In particular, Microsoft’s Intelligent Cloud unit grew 8% to $6.4 billion thanks to revenues from its Azure cloud platform gaining 116%.

CEO Satya Nadella’s strategy to turn Microsoft’s focus towards cloud computing, as well as mobile devices, is certainly paying off, with investors positively responding to the company re-establishing itself as a leader in the technology world.

Stocks that Aren't in the News…Yet

You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>