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Microsoft is now the most valuable company in the world, topping Apple

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Microsoft Corp. has overtaken Apple Inc. for the first time in 16 months as the most valuable U.S. company, according to Market Watch

CNBC has reported that Apple missed earning expectations Thursday as Apple’s revenue was lower than Wall Street had anticipated.

Apple CEO Tim Cook blamed supply chain setbacks, saying they cost the company $6 billion. The company still had revenue of more than $83 billion, which was up 29 percent year-over-year, according to CNBC.

Microsoft exceeded expectations in its fiscal first quarter, having its fastest growth since 2018, as CNBC previously had reported

Apple became the world’s most valuable publicly-traded company when it overtook Saudi Aramco—an oil company—in 2020, reports CNBC.

However, Microsoft had out-earned Apple in 2020 when the pandemic first began causing supply chain problems and Microsoft unveiled a major update to the Windows operating system for the first time in half a decade. 

Apple and Microsoft were among the first companies to hit a $1 trillion valuation along with Amazon and the parent company of Google, Alphabet. On Monday, Tesla became the fifth company to hit a $1 trillion valuation when its stock price hit a high of $1,024.36. 

Snap, the parent company of popular social media app, Snapchat, recently placed the blame on Apple’s new privacy features for its lackluster stock earnings last week, which it had—to a degree—predicted in the wake of Apple announcing these new features. 

 

Tags Apple Microsoft Microsoft Microsoft Tech giants Wall Street

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