Wednesday, August 17

Microsoft is on track to dethrone Apple as the world’s most valuable company

Apple suffered a $ 6 billion impact on its sales during the fourth fiscal quarter due to a persistent global supply chain problem, leading to a breach of Wall Street expectations. His top boss, Tim Cook, said the impact will be even worse in the current holiday sales quarter.

“Compared to its less hardware-focused FAANG peers, Apple is also much more exposed to supply chain disruptions,” said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

Shares of the Cupertino, California-based firm fell 3.5% to $ 147.30 in pre-market trading, implying a market capitalization of $ 2.417 trillion if they were to trade. losses remain.

Shares of software maker Windows rose 0.7% to $ 324.60, to a market valuation of $ 2.437 trillion.

Apple, which has bought back $ 421.7 billion over the years, announced a massive $ 90 billion share buyback in April. As a result, the company’s outstanding pool of shares continues to shrink, ending its fiscal fourth quarter with 16.4 billion papers.

Microsoft’s shares have risen more than 45% this year, with a boost in sales due to pandemic-induced demand for its cloud-based services. Apple shares are up 15% so far this year.

Apple’s stock market value surpassed Microsoft’s in 2010, as the iPhone made it the world’s leading consumer technology company. Businesses have taken turns as Wall Street’s most valuable business in recent years, with Apple holding the title since mid-2020.

By Subrat Patnaik, from Reuters agency