As Apple Stocks slumps, Microsoft retakes its spot as the world's largest listed company.
The Apple stock slide is good news for its rival, Microsoft. The drop in Apple Inc.’s shares on Friday propelled Microsoft Corp. to the position of the world’s largest listed company by market capitalization.
Apple fell 1.8 per cent after reporting fourth-quarter revenue that came in below the average analyst estimate, which gave the iPhone maker a market value of US$2.46 trillion. Microsoft surged 2.2 % to a market worth of $2.49 trillion, surpassing Apple.
Microsoft final dethroned Apple within the first half of 2020, when buyers flocked to development shares within the wake of the Covid-19 pandemic. Microsoft’s weekly rise was its highest since November.
According to Apple executives, the company lost about $6 billion in revenue because of ongoing supply constraints and chip shortages affecting industries across the globe.
Microsoft and Apple have competed for the title of world's most valuable technology company in the past. Back in 2010, Apple dethroned Microsoft with a market capitalization of $222 billion. In 2018, Microsoft briefly regained that position.
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