After exceeding Apple’s market worth on Friday, Microsoft has become the most valuable public company. According to Reuters, Microsoft has a market capitalization of $2.49 trillion, while Apple has a market capitalization of $2.48 trillion. For the first time in over a year, Microsoft’s market capitalization has surpassed Apple’s.
Microsoft is the most valuable publicly traded company in the world.
Apple’s stock touched $149.80 following a 1.8 percent drop after the market closed on Friday, according to the report. Microsoft, on the other side, had a 2.2 percent boost in its stock price to $331.62. Apple’s stock price plummeted after the company’s last quarterly reports failed to meet analysts’ expectations in the fourth fiscal quarter. Apple suffered a $6 billion loss in the fourth quarter as a result of supply chain issues, and the company expects the problem to increase in the December quarter.
“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion. The supply constraints were driven by the industry-wide chip shortages that have been talked about a lot, and COVID-related manufacturing disruptions in Southeast Asia,” According to CNBC, Apple CEO Tim Cook.
Meanwhile, Microsoft’s earnings call, which emphasized strong performance in Office, Windows, and cloud services, has helped it become the most valuable public business in the world. The Redmond behemoth raked in $45.3 billion in revenue, $20.5 billion in net profit, and $20.2 billion in operating profit. It’ll be fascinating to watch if Apple can restore its status as the most valued corporation by the end of the Christmas season.