Explorer

Microsoft Edges Past Apple To Become World’s Most Valuable Company

This development took place earlier on Friday as the shares of the iPhone maker fell about two percent.

New Delhi: Microsoft Corp has overtaken Apple Inc as the most valuable public company in terms of market capitalisation.

This development took place earlier on Friday as the shares of the iPhone maker fell about two percent.

READ: Cryptocurrency Prices, November 1 2021: Know Rates of Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin Today

Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations, according to a Reuters report.

The impact, as per Apple CEO Tim Cook, will be even worse in the current holiday sales quarter.

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said “compared to less hardware focused FAANG peers, Apple is also a lot more exposed to supply chain disruption”, Reuters reported.

The shares of Apple Inc dropped 1.8 percent to end the session at $149.80, giving the company a market capitalization of $2.48 trillion.

The shares of Windows software maker Microsoft, on the other hand, rose 2.2 percent to a record high of $331.62, ending the session with a market capitalization of $2.49 trillion.

Earlier in April, Apple had announced a massive $90 billion share buyback. The company, which has repurchased $421.7 billion worth of shares over the years, ended its fiscal fourth quarter with 16.4 billion shares.

Microsoft's stock surged 49 percent this year, with pandemic-induced demand for its cloud-based services driving sales.

ALSO READ: India's Manufacturing Sector Shows Strong Recovery, Rises Further In October: PMI

Apple overtook Microsoft in 2010 as the world's premier consumer technology company.

The companies have in recent years taken turns as Wall Street's most valuable business.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Elon Musk Responds Amid Global X Outage, Says 'Massive Cyberattack By Coordinated Group'
Elon Musk Responds Amid Global X Outage, Says 'Massive Cyberattack By Coordinated Group'
ED Team Attacked In Chhattisgarh’s Bhilai After Raid On Former CM Bhupesh Baghel’s Son
ED Team Attacked In Chhattisgarh’s Bhilai After Raid On Former CM Bhupesh Baghel’s Son
Toilets Clogged With 'Polythene Bags, Clothes' Forced Air India Flight To Return To Chicago
Toilets Clogged With 'Polythene Bags, Clothes' Forced Air India Flight To Return To Chicago
‘I Never Said This’: Ajit Pawar Says ‘No Timeline’ On Hiking Ladki Behin Allowance To Rs 2100
‘I Never Said This’: Ajit Pawar Says ‘No Timeline’ On Hiking Ladki Behin Allowance To Rs 2100
Advertisement
ABP Premium

Videos

Shabana Azmi, Shibani Akhtar, and Jyotika Discuss Feminism, OTT Writers, Theatre Work, and Dabba CartelBollywood Rejoices After ICC Champions Trophy Win: Shreya Ghoshal, Nora, and Bobby Deol Join the CelebrationBreaking News: Pappu Yadav Calls Dhirendra Shastri a Fraud, Criticizes BJP's Use of Religious FiguresDelhi Murder Triggers Massive Highway Blockade as Victim’s Family Demands Encounter of Accused

Photo Gallery

Embed widget