Microsoft shares hit all-time high after earnings beat

Shares of Microsoft (MSFT) hit a new all-time high Friday morning, surpassing its previous record set during the tech bubble, after reporting better-than-expected earnings .

The stock set a new all-time intraday high of $60.45 a share in early trading. Microsoft's previous record was $59.97 a share from Dec. 30, 1999.

The stock gained 4 percent during the session, its best daily performance since July 20 when the stock gained 5.31 percent. More than 79.9 million shares changed hands on Friday, easily surpassing the stock's 30-day average volume of about 25 million shares.

^{Source: FactSet}

Microsoft's market value, however, is still below where it was during the tech bubble even after the company authorized $40 billion stock buybacks with no set time frame. At its peak during the tech bubble, the company had a market capitalization of about $650 billion, well above its Friday level of about $464 billion, according to FactSet.

Microsoft market value:

^{Source:FactSet}

— CNBC's Michael Santoli, Evelyn Cheng and Christine Wang contributed to this report.

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