Microsoft overtakes Apple and turns into probably the most useful firm on the earth
Microsoft overtook Apple in market capitalization on Friday, making it the most valuable publicly traded company in the world after Apple missed earnings expectations on Thursday.
At 11:15 p.m. ET, Microsoft had a market cap of more than $ 2.47 trillion, while Apple’s was around $ 2.42 trillion.
Apple reported revenue for the company’s fourth quarter on Thursday that fell short of Wall Street’s expectations due to supply chain restrictions. CNBC’s CEO Tim Cook told Josh Lipton the revenue shortfall is estimated at $ 6 billion, but he expects supply chain problems to get worse in the December quarter.
The company’s iPhone sales rose 47% year-over-year, but also fell short of analysts’ expectations. The company’s fourth quarter was just a few days of iPhone 13 sales.
Microsoft exceeded revenue expectations in the first fiscal quarter, which is up about 22% year-over-year. That was the fastest growth since 2018, CNBC previously reported.
Apple was the first company to reach a market cap of $ 1 trillion and $ 2 trillion. It became the most valuable publicly traded company in the world when it outperformed state-owned oil giant Saudi Aramco in market capitalization last year.
Microsoft last outperformed Apple in market cap in 2020 when the pandemic devastated supply chains. It closed above $ 2 trillion for the first time in June after releasing the first major update for Windows in more than five years.
At 11:15 a.m. ET, Microsoft stock was up nearly 47% year-to-date, while Apple’s stock was up about 11%.
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