Microsoft is now the world’s most valuable company after Apple’s shares lost nearly 2% of their value this week.
Apple’s shares fell 1.8% on Friday, ending the trading session at US$149.80. The company’s market capitalisation dropped to $2.48 trillion. Microsoft shares though, showed 2.2% gains, reaching a record high of $331.62 per share, which increased its market capitalisation to roughly $2.49 trillion.
Apple’s sales fell a massive US$6 billion for the fourth fiscal 2021 quarter, mainly due to supply chain difficulties.
Apple CEO Tim Cook told CNBC that supply issues were likely to continue for the holiday season:
‘We had a very strong performance despite larger than expected supply constraints, the industry-wide chip shortages that have been talked about a lot and Covid-19-related manufacturing disruptions in Southeast Asia.’
Meanwhile Microsoft has seen a surge in revenue, up 49% from last year, on the back of big demand for its cloud computing services during COVID lockdowns.