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Another strong earnings report has pushed Microsoft to a new milestone, lifting the company’s market value past $500 billion for the first time since the height of the dot-com boom nearly 17 years ago.

Satya Nadella
Microsoft CEO Satya Nadella. (Credit: MIcrosoft)

The company’s stock is up more than 2 percent in trading this morning, reaching a new high of $65.85/share at the time of publication.

It’s the latest sign of Microsoft’s resurgence under CEO Satya Nadella. The company’s cloud business has been gaining momentum and making up for the erosion of Microsoft’s traditional Windows PC business in recent years.

The company yesterday reported revenue of more than $26 billion for the December quarter, beating Wall Street’s expectations with earnings of 84 cents per share after adjusting for its LinkedIn deal and Windows 10 revenue deferrals. Microsoft’s commercial cloud run rate exceeded $14 billion for the first time during the quarter, driven by Office 365 and Microsoft Azure.

Microsoft’s market value was $516 billion at the time of publication. Reuters reports that the company was last valued at more than $500 billion in March 2000, just before the dot-com bubble burst and tore into technology stocks.

Apple remains the most valuable U.S. public company, with a market value of more than $641 billion as of this morning. Google parent company Alphabet, which also reported earnings yesterday, has a market value of $577 billion, followed by Microsoft.

Amazon, which reports earnings next week, has a market value of just under $400 billion.

One analyst predicted in December that Microsoft could be the first tech company to reach a one-trillion dollar market value.

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