On Friday, the American technology company Microsoft surpassed Apple in market value, becoming the most valuable publicly traded company in the world after Apple's financial results fell short of expectations on Thursday. Microsoft’s market capitalization reached $2.46 trillion, while Apple’s market capitalization was $2.43 trillion at noon Eastern Time, according to CNBC.
Apple reported yesterday that it recorded revenues lower than Wall Street’s expectations during the last quarter of its fiscal year ending in September, due to supply chain disruptions. CEO Tim Cook stated that the revenue shortfall is estimated at about $6 billion, but he anticipates worse supply chain issues in the next quarter ending in December.
iPhone sales rose by 47% year-on-year but still did not meet analysts' expectations, as the last quarter's data included sales of the iPhone 13 for only a few days. Microsoft's revenue expectations for the quarter exceeded forecasts, rising by about 22% year-on-year, marking the fastest growth since 2018.
Apple was the first company to reach a market value of $1 trillion and also the first to reach $2 trillion, becoming the most valuable company in the world last year when it surpassed Saudi oil company Aramco.
