Tuesday, March 5, 2024

Microsoft surpassed Apple as the most valuable company in the world

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.

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