Did Microsoft Corp unseated Apple Inc as the world's most valuable company? Details inside
Microsoft's shares rose 4.2 per cent to a record $323.17, boosting the software maker's market capitalization to $2.426 trillion, just shy of Apple's $2.461 trillion value, according to Refinitiv data.
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FollowA jump in Microsoft Corp shares nearly dethroned Apple Inc as the world's most valuable corporation on Wednesday, before the iPhone manufacturer announced its quarterly results. Microsoft's shares rose 4.2 per cent to a record $323.17, boosting the software maker's market capitalization to $2.426 trillion, just shy of Apple's $2.461 trillion value, according to Refinitiv data. Apple's stock fell 0.3% ahead of its earnings report, which is coming after the bell on Thursday, with investors focusing on how the global supply-chain issue is threatening its ability to satisfy the demand for its iPhones.
Microsoft's stock has risen 45 per cent this year, driven by pandemic-induced demand for its cloud-based services. In 2021, Apple's stock has increased by 12%. In 2010, Apple's stock market valuation surpassed Microsoft's as the iPhone established it as the world's leading consumer technology business. The two businesses have alternated as Wall Street's most valuable in recent years, with Apple holding the distinction since mid-2020.
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Microsoft anticipated a solid end to the calendar year owing to its burgeoning cloud business in its report late Tuesday. Still, it cautioned that supply-chain issues would continue to plague critical divisions, such as those making its Surface computers and Xbox gaming consoles. According to Refinitiv, analysts anticipate Apple to announce September-quarter sales of $84.8 billion and adjusted profits per share of $1.24.
Also Read |Â Tesla eclipses $1 trillion market value, sixth company in US history
Recently,  Tesla eclipsed the $1 trillion market value to become the sixth company to do so in US history, CNN reported. Boosted by two spots of good news, shares popped more than 12% Monday to close at about $1,025. Hertz announced a record order of 100,000 Teslas for its fleet, and influential Morgan Stanley auto analyst Adam Jonas recently raised his price target on Tesla to $1,200 a share, the report added.
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