Microsoft takes over as world’s most valuable public company as Apple shares topple
Microsoft stole the title of the world’s most valuable public company from Apple.
The iPhone producer’s shares fell around two per cent on Friday after taking a $6bn hit to sales during the fourth quarter.
Global supply chain issues have put pressure on the tech firm with warnings from Apple chief Tim Cook that the current festive sales quarter could be even worse.
Apple was a lot more exposed to supply chain disruption, compared to its rivals that are less hardware focused, according to Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.
Apple shares dropped 1.8 per cent to end the session at $149.80, giving the company a market capitalization of $2.4tn.
Shares of Windows software maker Microsoft increased 2.2 per cent and hit a record high of $331.62, ending the session with a market capitalization of $2.49tn.
Microsoft’s stock has surged 49 per cent this year, after the pandemic increased demand for its cloud-based services. Shares of Apple have climbed 13 per cent so far.