World’s Most Valuable Company: Apple is no longer like that

As iPhone developer shares fell by 2 percent, Apple Inc. lost its crown as the world’s most valuable general company to Microsoft Corp. on Friday.

Apple hit a $ 6 billion sell-off during its quarterly spending spree due to global supply chain problems, leading to a loss on Wall Street expectations. Senior manager Tim Cook said the impact would be even worse in the current quarterly holiday sales.

“Compared to its FAANG peer-to-peer application partners, Apple is also a much more visible provider of chain disruption,” said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

Apple shares fell 1.8 percent to end the session at $ 149.80, giving the company a market cap of $ 2.48 trillion. In contrast, shares of Microsoft software maker Microsoft rose 2.2 percent to a record high of $ 331.62, ending the period with a market cap of $ 2.49 trillion.

Apple, which has bought $ 421.7 billion worth of shares over the years, announced a huge $ 90 billion share purchase in March. As a result, the outstanding stock market continues to shrink, and the company finishes a quarter of its spending with 16.4 billion shares.

Microsoft’s market share has grown 49 percent this year, with demand causing pandemic for its cloud-based services driving sales. Apple shares have risen 13 percent so far this year.

Apple’s stock market dominated Microsoft in 2010 as the iPhone made it the world’s first consumer technology company. The companies have made changes as Wall Street’s most valuable business in recent years, with Apple becoming the title from mid-2020.

Analysts say Apple has managed the supply chain issue well, but with Cook’s warning of further pressure, the door is open to an attack on its performance as the holiday season begins.

In contrast, Microsoft on Tuesday predicted a strong end to the calendar year. But he also warned that supply chain problems would continue to dog key features, such as those launching its eye-catching laptops and Xbox game consoles.

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