Microsoft has become the most valuable public company after surpassing Apple’s market cap on Friday. As Reuters reports, the market capitalization of Microsoft stood at $2.49 trillion, while the Cupertino giant came close at $2.48 trillion. Notably, Microsoft is crossing Apple’s market capitalization for the first time in almost a year.
According to the report, Apple’s shares hit $149.80 after a 1.8% dip when the market closed on Friday. On the other hand, Microsoft’s share price witnessed a 2.2% increase to reach $331.62. Apple’s drop in market cap happened after the company’s recent quarterly results didn’t meet the expectations of analysts in the fourth fiscal quarter. Apple reported a $6 billion loss in the fourth quarter due to supply chain woes and expects the situation to get severe in the December quarter.
“We had a very strong performance despite larger than expected supply constraints, which we estimate to be around $6 billion. The supply constraints were driven by the industry wide chip shortages that have been talked about a lot, and COVID-related manufacturing disruptions in Southeast Asia,” Apple CEO Tim Cook told CNBC.
