Microsoft's market capitalization topped $500 billion for the first time since 2000 today

Microsoft reported a $26.1 billion revenue for fiscal year Q2 2017 yesterday. Today, Reuters is reporting that the company’s market value topped $500 billion following yesterday’s earnings report. This is the second time Microsoft’s market cap surpassed the $500 billion mark after March 2000, which is when the company’s market value was actually slightly more than $550 billion.

In addition to topping $500 billion in market value, Microsoft’s shares rose by 2.1% to $65.64. The company was valued at $510.37 billion which is still lower than Apple and Alphabet (Google’s parent company).

Microsoft’s earnings report did, however, beat analyst expectations — in fact, the software giant’s profit and revenue beat Wall Street’s expectations in 7 of the last 8 eight quarters, reported Reuters.