Microsoft surpassed Apple’s market cap to become the world’s most valuable public company.
According to CNBC, Microsoft had a market cap of nearly USD 2.49 trillion at market close, while Apple’s stood at about USD 2.46 trillion.
The Verge noted in a report that this isn’t the first time Microsoft has passed Apple; Microsoft surpassed Apple’s market cap in 2018 for the first time since 2010 and once again in July 2020.
Apple recently reported that revenue missed Wall Street expectations in the company’s fiscal fourth quarter due to supply chain constraints. Apple’s CEO Tim Cook told CNBC’s Josh Lipton the revenue shortfall is estimated at USD 6 billion but expects worse supply chain issues in the December quarter.
Additionally, CNBC also mentioned in the report that the sales of iPhones at the company were up 47% year over year but also fell short of analyst expectations. However, the company’s fourth quarter only included a few days of iPhone 13 sales.
On the other hand, Microsoft beat revenue expectations in its fiscal first quarter, which climbed about 22% year over year.
