Microsoft shares climb to all-time high after strong earnings report

Shares in US tech giant Microsoft notched-up record highs in after-hours trading on Thursday, after the company posted impressive third quarter results thanks to the strength of its cloud operations.

Microsoft stock rose above $60 for the first time ever, surpassing the previous record price of $58.70 seen during the internet boom in 1999.

Adjusted revenues rose 3% to $22.3bn, outperforming analyst estimates for $21.7bn.

Profit for the three months to September was $4.7bn, as investor confidence has been firmly restored in Microsoft after the shares hit a low of $37 in 2014.

The results released on Thursday, after the market close, showed the software company's shift to cloud computing services has paid off. CEO Satya Nadella's cloud platform business Azure registered a revenue growth of 116% for the quarter.

Since Nadella took over the lead position at the company in 2014, taking over from Steve Ballmer, the company has gone to great efforts to improve its cloud offerings in response to tough compeition from the likes of Amazon.

"It's not just the Silicon Valley startups anymore; it is the core enterprise that is also becoming a digital company. And we are well-positioned to serve them," Nadella said in a statement.

All three of Microsoft's divisions reported higher revenues than analysts had predicted, with a stronger personal computing market helping its cause.