Microsoft surpassed Apple in market capital on Friday, making them the world's most valuable publicly traded company. This comes after Apple missed earnings expectations Thursday.
At 10:13 AM. At 10:13 a.m. ET Microsoft's market cap was $2.45 trillion, while Apple's was $2.42 trillion.
Apple's fourth-quarter fiscal results on Thursday showed revenue that was below Wall Street expectations. This was due to supply chain issues. CNBC's Josh Lipton asked CEO Tim Cook if the revenue gap is $6 billion. However, he said that he expects more supply chain problems in the December quarter.
The company's iPhone sales increased 47% year-overyear, but fell short of analyst expectations. Only a few days were used to sell iPhone 13s in the company's fourth quarter.
Microsoft exceeded revenue expectations in its fiscal first quarter. Its revenue rose by 22% year-overyear. This was the fastest growth rate since 2018, CNBC reported previously.
Apple was the first company with a market capitalization of $1 trillion and $2 Trillion. Apple was the most valuable publicly traded company in the world when it beat out Saudi Aramco for market capital last year.
In 2020, Microsoft was last to surpass Apple in market capital as the pandemic caused havoc on supply chain logistics.
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