Microsoft surpasses Apple and becomes the most valuable company in the world
The US CNBC channel website said that the market value of Microsoft exceeded the market value of its competitor Apple last Friday, making it the most valuable publicly traded company in the world, after Apple exceeded profit expectations on Thursday, so that the market value of Microsoft reached $ 2.49 trillion at the market close, The market capitalization of Apple was $2.46 trillion.
Apple reported Thursday that revenue missed Wall Street expectations in the company's fourth quarter, as a result of supply chain constraints. CEO Tim Cook told CNBC's Josh Lipton that the revenue shortfall is estimated at $6 billion, but he expects worse supply chain problems in the December quarter.
According to CNBC, the company's iPhone sales rose 47% year-on-year, but it also fell short of analysts' expectations. The company's last quarter included iPhone 13 sales for just a few days, while Microsoft beat revenue expectations in the first quarter of the fiscal year, which jumped about 22% year over year. This was the fastest growth since 2018.
Apple was the first company to reach a market capitalization of $1 trillion and $2 trillion. It became the most valuable publicly traded company in the world when the state oil giant surpassed Saudi Aramco in market capitalization last year. The last time Microsoft topped Apple in market capitalization was in 2020 as the coronavirus pandemic wreaked havoc on supply chains.