Microsoft has surpassed Apple to become the world’s most valuable company.
Apple was the first company to be valued at $1 trillion, as well as the first to cross the $2 trillion mark on its way to becoming the world’s most valuable company. Yesterday’s earnings report were a bit of a miss, however, with revenue coming in lower than analysts were expecting, largely as a result of the supply chain issues that have been impacting the industry.
Apple’s revenue miss has created an opportunity for Microsoft, with the latter surpassing Apple as the world’s most valuable company, according to CNBC. Unlike Apple, Microsoft handily beat Wall Street’s expectations, a benefit of being primarily a software and cloud company, as opposed to Apple’s reliance on hardware sales.
As of this afternoon, Microsoft’s market cap was around $2.47 trillion, with Apple holding at $2.44 trillion.