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.
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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.