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

Microsoft became the second company in the world to surpass a market value of $4 trillion Thursday after posting strong quarterly earnings. The tech giant’s stock jumped 7 percent when markets opened Thursday morning,

Microsoft (MSFT) reported its fiscal fourth quarter earnings on Wednesday, beating analysts' expectations on the top and bottom lines on the strength of its cloud revenue. Microsoft stock climbed more than 6% on the news.

Shares in the tech giant jumped after earnings came in above estimates. CEO Satya Nadella said that cloud and AI continue to drive the company's growth. Microsoft stock surged in after-hours trading on Wednesday after the tech giant beat analysts' expectations for another straight quarter.