Microsoft overtakes Amazon as second most valuable US company

Microsoft overtakes Amazon as second most valuable US company
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Microsoft overtook Amazon to become the second most valuable tech company in the United States on Friday.

The change in rankings was the result of a drop in Amazon's stock value, Reuters reports, after a weaker-than-expected quarterly report from the online retailer wiped out $65 billion worth of market capitalization.

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Microsoft, meanwhile, saw a positive quarterly report on Wednesday and has gained 4 percent in stock value since then, according to Reuters.

Amazon's stock value stood at $805 billion on Friday, while Microsoft's sat at $823 billion, according to the news service. Still, Amazon's year-to-date gains outpace Microsoft's, with Amazon up about 40 percent over the last year and Microsoft up 25 percent.

Apple is expected to report its own quarterly finances next Thursday. The company became the first U.S. company to be valued above $1 trillion earlier this year following a period of record stock buybacks.

Amazon's shares have dipped at times as President TrumpDonald John TrumpHarris bashes Kavanaugh's 'sham' nomination process, calls for his impeachment after sexual misconduct allegation Celebrating 'Hispanic Heritage Month' in the Age of Trump Let's not play Charlie Brown to Iran's Lucy MORE has floated pursuing tougher regulations on the company.

Trump has feuded with Amazon CEO Jeff Bezos, who also owns The Washington Post. Trump has criticized the company's deal with the U.S. Postal Service and questioning if it pays enough in taxes.

The retailer announced earlier this month that it would raise its company-wide minimum wage to $15 per hour earlier this month in a victory for progressives who had pushed the company to improve pay and benefits for workers.