Microsoft becomes ‘world’s most valuable publicly-traded company’ after overtaking Apple

Microsoft has become the world’s most valuable publicly-traded company after surpassing Apple this year. Microsoft had a market cap of around $2.49 trillion followed by Apple. For the unversed, Apple had missed Wall Street expectations during its fiscal fourth-quarter due to supply chip constraints.

According to CNBC, as of 11:15 a.m. ET, Microsoft had a market cap of more than $2.47 trillion while Apple’s stood at about $2.42 trillion.

CEO Tim Cook told CNBC that the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.

iPhone sales at the company were up 47 percent year-over-year but also fell short of analyst expectations. The company’s fourth-quarter only included a few days of iPhone 13 sales.

Microsoft beat revenue expectations during its fiscal first quarter, which climbed about 22 percent YoY. That was the fastest growth since 2018, CNBC previously reported.

Apple was the first company to reach a $1 trillion and $2 trillion market cap. It became the world’s most valuable publicly-traded company when it surpassed state oil giant Saudi Aramco in market cap last year.

Microsoft last surpassed Apple in market cap in 2020 as the pandemic wreaked havoc on supply chains, the report said.

It first closed above a $2 trillion market cap in June after revealing the first major update to Windows in more than five years, it added.

At 11.15 a.m. ET, Microsoft’s stock was up almost 47 percent year to date, while Apple’s was up about 11 percent.

(With Inputs from IANS)

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