Xbox maker's stock value rises to highest level since 2008 as Xbox 720 looms on horizon.

Microsoft shares have jumped to a five-year high, despite Windows 8 reportedly seeing disappointing sales since launch in October.

Shares of the company closed Tuesday at $33.10, their highest level since 2008. At press time, the company's shares are trading slightly down at $32.85.

As GameSpot sister site CNET explains, Microsoft was at one point the most valued stock in the world, but has been seen by investors as having limited growth opportunity of late.

CNET points out that the company's recent stock revival can be attributed to the viability of its enterprise software and cloud services business. Microsoft's third-quarter earnings report revealed a $6.06 billion profit for the three months ended March 31.

Microsoft's bottom line may soon see a further jolt from new gaming hardware. The company is holding a May 21 event titled "Xbox: The Next Generation Revealed," where it is widely believed to announce its long rumored Xbox 360 successor.

Microsoft is not the only gaming company to win the favor of Wall Street. Last month, specialty retailer GameStop saw its share value rise to a three-year high.

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