Microsoft just beat Apple in market cap at the start of this month. This means that Microsoft is the world’s most valuable publicly-traded company. This happened because Apple missed some expected earnings this year.
Microsoft achieved a market cap of almost $2.49 trillion at market close on 29th October, while Apple was at approximately $2.46 trillion. As of today, 13th November, Microsoft has a market cap of $2.528 trillion while Apple is still near $2.46 trillion.
It was declared in the reports given out by Apple that revenue missed Wall Street expectations in the company’s fiscal fourth quarter. This was attributed to supply chain limitations. CEO Tim Cook told CNBC’s Josh Lipton the revenue shortfall is predicted to be at $6 billion, but he expects worse supply chain issues in the December quarter.
Sales of iPhones at the company were raised at 47% in the year but also did not meet analyst expectations. The company’s fourth quarter only comprised a few days of iPhone 13 sales.
Microsoft beat revenue expectations in its fiscal first quarter, which rose about 22% year over year. according to CNBC, this growth is a record one since 2018.
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 beat the state oil giant Saudi Aramco in market cap last year.
Microsoft last beat Apple in market cap in 2020 as the coronavirus pandemic wreaked havoc on supply chains. It first closed above a $2 trillion market cap in June after launching the first big update to Windows in more than five years.