Microsoft Overtakes Apple As Most Valuable Company
NDTV
Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems
Apple Inc lost its crown as the world's most valuable public company to Microsoft Corp on Friday, as the iPhone maker's shares fell about 2 per cent.
Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter.
"Compared to less hardware focused FAANG peers, Apple is also a lot more exposed to supply chain disruption," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.
Apple's shares dropped 1.8 per cent to end the session at $149.80, giving the company a market capitalization of $2.48 trillion. By contrast, shares of Windows software maker Microsoft rose 2.2 per cent to a record high of $331.62, ending the session with a market capitalization of $2.49 trillion.
