Microsoft beat Apple in market capitalization early this month. This means that Microsoft is the most valuable publicly traded company in the world. This happened because Apple missed some expected revenue this year.
Microsoft reached a market cap of nearly $2.49 trillion at the close of market on October 29, while Apple was around $2.46 trillion. As of today, November 13, Microsoft has a market cap of $2.528 trillion, while Apple is still close to $2.46 trillion.
Apple’s reports stated that the company’s fourth fiscal quarter revenue exceeded Wall Street’s expectations. This was attributed to supply chain constraints. CEO Tim Cook told CNBC’s Josh Lipton that the revenue shortfall is expected to hit $6 billion, but he expects worse supply chain problems in the December quarter.
iPhone sales at the company rose 47% for the year, but also fell short of analyst expectations. The company’s fourth quarter included just a few days of iPhone 13 sales.
Microsoft beat revenue expectations in its fiscal first quarter, which grew about 22% year over year. according to CNBC, this growth is a record since 2018.
Apple was the first company to reach $1 trillion and $2 trillion market cap. It became the world’s most valuable publicly traded company when it beat state oil giant Saudi Aramco in market capitalization last year.
Microsoft last beat Apple by market cap in 2020, when the coronavirus pandemic wreaked havoc on supply chains. It closed above a $2 trillion market cap for the first time in June after launching the first major update to Windows in more than five years.