Microsoft has surpassed Apple to become the world’s most valuable public company after the iPhone maker’s stock slid almost 2 percent.
According to the reports, Microsoft had a market cap of nearly $2.49 trillion at market close, while Apple’s stood at about $2.46 trillion.
Apple’s revenues dropped $6 billion in the fiscal fourth quarter as a result of ongoing worldwide supply chain issues, falling short of Wall Street expectations. Apple CEO Mr. Tim Cook said that “the impact will be even worse in the current holiday sales quarter.”
“Compared to less hardware-focused FAANG peers, Apple is also a lot more exposed to supply chain disruption,” said Ms. Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.
Apple, which has repurchased $421.7 billion worth of shares over the years, had announced a major $90 billion share buyback in April. As a result, the company’s outstanding stock pool continues to decline, with 16.4 billion shares at the conclusion of the fiscal fourth quarter.
Microsoft’s stock increased 49 percent this year, owing to increased demand for its cloud-based services as a result of the pandemic. Apple’s stock has increased by 13 percent so far this year.
Apple’s stock market value passed Microsoft’s in 2010 as the iPhone made it the world’s premier consumer technology company. According to the report, “The companies have taken turns as Wall Street’s most valuable business in recent years, with Apple holding the title since mid-2020.”
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 Saudi state oil giant Saudi Aramco in market cap last year, as per the reports.
