General

Microsoft Overtakes Apple As Most Valuable Company

NewsGram Desk

After Apple missed earnings expectations, Microsoft on Friday overtook the tech giant in market cap, making it the world's most valuable publicly-traded company. 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. 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.

Apple was the first company to reach a $1 trillion and $2 trillion market cap. It became the world's most valuable publicly-traded company when it surpassed state oil giant Saudi Aramco in market cap last year. Microsoft last surpassed Apple in market cap in 2020 as the pandemic wreaked havoc on supply chains, the report said. 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. (IANS/ MBI)

Keywords: microsoft, apple, overtake, tech giant, market cap, valuable, company

Accessorizing With Diamonds: Creative Ideas to Elevate Your Look

Building a Diamond Jewelry Collection on Any Budget: Expert Tips

What Is Cryptocurrency? - Working, Use Cases, Risks Involved and Popular Cryptocurrencies

A Collector's Guide to Ethical and Sustainable Diamond Jewelry: Timeless Elegance

Understand The Basis of Crypto Mining - Types, Key Components and How It Works