Microsoft Corp.'s stock is on track for its biggest one-day gain in more than a decade, adding about $2 billion to the net worth of its co-founder Bill Gates.
The stock surged as much as 10.7% to $295.43 in extended trading Wednesday, after the company reported better-than-expected earnings and revenue for its fiscal third quarter.
Gates, who owns about 1.3% of Microsoft, would see his net worth rise to about $129 billion if the stock price holds up in Thursday's regular trading session.
The gains for Gates come as Microsoft continues to benefit from the growth of the cloud computing market.
The company's Azure cloud computing business grew 31% in the third quarter, while its overall revenue rose 18%.
Microsoft's strong earnings report is a sign that the company is well-positioned to continue growing in the years to come.
The company has a strong track record of innovation and is well-positioned to benefit from the continued growth of the cloud computing market.
Gates, who stepped down as Microsoft's CEO in 2000, remains the company's largest shareholder.
He is also the co-founder of the Bill & Melinda Gates
Foundation, one of the world's largest charitable foundations..