Microsoft is set to become the second company in the world to reach a US$4 trillion market capitalisation after reporting quarterly earnings that beat Wall Street’s expectations, sending the stock soaring in extended trading Wednesday.

Microsoft reported better-than-expected growth in its cloud business, and its closely-watched Azure cloud-computing unit posted a 39% rise in sales, handily beating the 34% analysts expected.

Shares of Microsoft Corp. gained more than 9% in extended trading today after the company delivered solid earnings and revenue that came in above expectations. The after-hours increase lifted the company’s market capitalization above the $4 trillion milestone, trailing in the wake of Nvidia Corp., which passed that barrier earlier this month.