Microsoft (NASDAQ: MSFT) passed Apple (NASDAQ: AAPL) in market capitalization on Friday. In other words, Microsoft is now the world’s most valuable publicly-traded company globally. This followed news about Apple missing earnings expectations on Thursday.
Before the market close, Microsoft’s market cap was around $2.49 trillion. Meanwhile, Apple had a market cap of about $2.46 trillion.
Apple reported on Thursday that it had missed revenue expectations in the in the company’s fiscal fourth quarter. According to the CEO of Apple Tim Cook, the company lost $6 billion due to supply chain constraints. It also expects worse supply chain problems in the December quarter.
Meanwhile, sales of iPhones surged by 47% year-over-year (YOY) although analysts predicted higher sales for it. Still, Apple’s fourth-quarter results only included a few days of the iPhone 13 sales.
On the other hand, Microsoft beat revenue expectations in its fiscal 1st quarter. According to CNBC, this is the fastest growth since 2018. The last time Microsoft topped Apple in market capitalization was in 2020 during the Covid-19 pandemic outbreak. The virus resulted in massive supply chains issues directly impacting Apple’s production.
