Microsoft Surpasses Apple as Most Valuable Company, IT News, ET CIO

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San Francisco, after Apple missed earnings expectations, Microsoft on Friday overtook the tech giant in market capitalization, making it the most valuable publicly traded company in the world.

According to CNBC, at 11:15 a.m. ET, Microsoft had a market cap of over $ 2.47 trillion while Apple’s was around $ 2.42 trillion.

Apple on Thursday reported lower than expected earnings on Wall Street in the company’s fiscal fourth quarter, due to supply chain constraints.

CEO Tim Cook told CNBC the shortfall is estimated at $ 6 billion, but he expects worse supply chain problems in the December quarter.

The company’s iPhone sales were up 47% year-over-year, but were also below analysts’ expectations. The company’s fourth quarter included just a few days of iPhone 13 sales.

Microsoft exceeded revenue expectations in its fiscal first quarter, which climbed about 22% year-on-year. This is the fastest growth since 2018, CNBC previously reported.

Apple was the first company to achieve a market cap of $ 1,000 billion and $ 2,000 billion. It became the world’s most valuable publicly traded company when it overtook state oil giant Saudi Aramco in market capitalization last year.

Microsoft last overtook Apple in terms of market capitalization in 2020 as the pandemic wreaked havoc on supply chains, according to the report.

It closed for the first time above a market cap of $ 2 trillion in June after revealing the first major Windows update in more than five years, he added.

As of 11:15 a.m.ET, Microsoft’s stock was up nearly 47% year-to-date, while Apple’s was up about 11%.

–IANS

vc / vd


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