Record day for Microsoft
Microsoft became the world’s most valuable company, surpassing Apple. The Redmond-based company took the spotlight after the share of the iPhone maker dropped on disappointing earnings. Apple held to the most valuable company in the world for more than a year.
The Windows creator last surpassed Apple in market cap in 2020, when COVID-19 crippled supply chains. A significant update to Windows made in over five years led to it closing above the $2 trillion market cap for the first time in June.
Apple was the first company to top $1 trillion and $2 trillion in market value in August 2018 and August 2020. In July 2020, it surpassed the Saudi Arabian oil giant Aramco in value.
Upon the news, shares of Apple fell almost 4% on Friday, October 29, pushing the company’s market cap to $2.43 trillion. Apple’s revenue fell short of expectations because of supply chain restraints, costing $6 billion in sales.
At the same time, Microsoft shares rose 0.9% to $327.30 per share, giving it a market capitalization of $2.45 trillion. Moreover, Microsoft stock has outperformed Apple’s so far in 2021, rising 50% compared to the latter’s 13.5% increase.
Sources: finance.yahoo.com, forbes.com