According to the latest news, yesterday, Microsoft surpassed Apple’s market cap to become the world’s most valuable public company. It happened after Apple announces its 3rd quarter earnings. Even though Apple posted strong earnings, it revealed a loss of about $6 billion for supply chain issues. Last week, on Tuesday, Microsoft announced hefty earnings through its range of products including Office, Windows, and its cloud services.
According to CNBC, At yesterday’s market closing, Microsoft’s market cap touched $2.49 trillion while Apple’s was around $2.46 trillion. It is worth mentioning that this is not the very first time that Microsoft has surpassed Apple.
Since 2010, Microsoft has surpassed Apple’s market cap twice, once in 2018 and the second time in July 2020 and this is the third time. Note that Alphabet has also taken the crown off Apple by surpassing its market cap in 2016. Apple went on to be a market leader for quite a while.
In 2018, it was the first US company to have a market cap of $1 trillion. Within just two years, the company went on to be the first US company to reach a market cap of $2 trillion. iPhone is still a huge success so there is a good chance that Apple reclaims its spot sometime soon.