The Seattle Sounders FC win the MLS Cup after penalty shootout with Toronto

Microsoft stock poised for new all-time high

An image of the Microsoft campus in Redmond, Washington.

An image of the Microsoft campus in Redmond, Washington.

Microsoft is about to party like it’s 1999.

Microsoft stock soared as much as 5% in after hours trading Thursday following a strong earnings report, setting the company up to hit a new all-time high when the market opens Friday.

The stock topped the $60 mark for the first time after hours, passing Microsoft’s previous all-time high of $59.56 set during the peak of the dot com boom in 1999.

Microsoft’s sales rose to $22.3 billion last quarter, from $21.7 billion a year earlier, with the success of its cloud computing effort leading the way.

Sales from its cloud division grew 6% to $6.7 billion for the quarter. That growth was fueled in part by the staggering success of Azure, its cloud computing platform, which more than doubled sales year-over-year.

Microsoft has invested heavily to reposition itself as an industry leader in cloud services, rivaling businesses like Amazon.

This has helped Microsoft cushion the blow from a failed investment in smartphones and a sagging PC market dragging down its Windows licensing sales. And not a moment too soon.

The company’s flailing phone division saw sales decline 72% year-over-year. Gaming revenue, a new financial category for Microsoft highlighting Xbox-related sales, also fell by 5%.