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Microsoft Surpasses Apple As The Most Valuable Company In The World
The Technological Giant Microsoft has surpassed Apple Inc to become the world’s most valuable publicly-traded company in October.
The Technological Giant Microsoft has surpassed Apple Inc to become the world’s most valuable publicly-traded company in October. Microsoft took the number one spot on Friday, October 29 after Apple missed its earnings expectations.
According to CNBC, as of 11.15 a.m. ET, Microsoft had a market cap of more than $2.47 trillion while Apple’s stood at about $2.42 trillion.
Apple reported revenue that fell short of Wall Street expectations during the company’s fiscal fourth-quarter on Thursday, a result of supply chain constraints. Apple CEO Tim Cook told CNBC that the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.
iPhone sales at the company were up 47 per cent year-over-year but also fell short of analyst expectations. The company’s fourth quarter only included a few days of iPhone 13 sales.
Microsoft beat revenue expectations during its fiscal first quarter, which climbed about 22 per cent YoY. That was the fastest growth since 2018, CNBC previously reported.
Microsoft last surpassed Apple in market cap in 2020 as the pandemic wreaked havoc on supply chains. It first closed above a $2 trillion market cap in June after revealing the first major update to Windows in more than five years, it added.
At 11.15 a.m. ET, Microsoft’s stock was up almost 47 per cent year to date, while Apple’s was up about 11 per cent.