Microsoft on Friday, October 29 overtook technology giant Apple in market cap, making it the world's most valuable publicly-traded company. This came after Apple missed its earnings expectations. According to CNBC, as of 11.15 a.m. ET, Microsoft had a market cap of more than $2.47 trillion while Apple's stood at about $2.42 trillion.
Apple reported revenue that fell short of Wall Street expectations during the company's fiscal fourth-quarter on Thursday, a result of supply chain constraints. CEO Tim Cook told CNBC that the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.
iPhone sales at the company were up 47 per cent year-over-year but also fell short of analyst expectations. The company's fourth-quarter only included a few days of iPhone 13 sales.
Microsoft beat revenue expectations during its fiscal first quarter, which climbed about 22 per cent YoY. That was the fastest growth since 2018, CNBC previously reported.
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 surpassed state oil giant Saudi Aramco in market cap last year.
Microsoft last surpassed Apple in market cap in 2020 as the pandemic wreaked havoc on supply chains, the report said.
It first closed above a $2 trillion market cap in June after revealing the first major update to Windows in more than five years, it added.
At 11.15 a.m. ET, Microsoft's stock was up almost 47 per cent year to date, while Apple's was up about 11 per cent.