This week, Apple lost its title as the world’s most valuable public business to Microsoft, when the iPhone maker’s stock slid 2%.
Apple’s stock dropped 1.8 percent on Friday, ending the day at $149.80 per share. The company’s market value fell to $2.48 trillion.
Microsoft shares, on the other hand, rose 2.2 percent to a record high of $331.62 a share, boosting the company’s market capitalization to $2.49 trillion, according to RT.
Despite announcing relatively robust profitability for its fourth fiscal quarter of 2021 this week, Apple sales fell $6 billion in the reporting period due to ongoing supply chain issues.
The company reported revenue of $83.4 billion, up 29 percent year over year, while earnings of $84.85 billion fell short of Wall Street projections, leading to a decrease in stock prices.
Tim Cook, Apple’s CEO, told CNBC that supply chain restrictions may continue to wreak havoc on the company’s holiday sales.
