Microsoft on Friday overtook Apple as the world’s most valuable company by market capitalization, with about a $100 billion gap between the two companies when markets closed. Microsoft had a market cap of nearly $2.49 trillion at market close, while Apple’s stood at about $2.46 trillion.
Apple reported on Thursday that revenue missed Wall Street expectations in the company’s fiscal fourth quarter, a result of supply chain constraints. CEO Tim Cook told CNBC’s Josh Lipton the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.
Microsoft beat revenue expectations in its fiscal first quarter, which climbed about 22% year over year. That was the fastest growth since 2018, CNBC previously reported.
Apple was the first U.S. company to reach market capitalizations of $1 trillion and $2 trillion. It became the world’s most valuable company when it eclipsed Saudi Aramco in valuation in 2020.
Microsoft last topped Apple in market cap in 2020 as the coronavirus pandemic wreaked havoc on supply chains. It first closed above a $2 trillion market cap in June after revealing the first major update to Windows in more than five years. At market close, Microsoft’s stock was up more than 48% year to date, while Apple’s had risen almost 13%.