Microsoft has taken over Apple as the world’s most valuable company following Cupertino and Aramco.
World’s famous tech company Apple’s stock market value has lowered by Microsoft in 2021. On Friday, Microsoft now sits at a market value of $2.46 trillion, while Apple stands at $2.43 trillion.
Moreover, the drop in Apple’s market value is a big shock to wall street analysts also, as they were not hoping the supply chain problem would hit this hard on the company. Compared to Apple, Microsoft’s cloud-based service demand has increased worldwide.
Apple’s shares were down 3.6% at $147, implying a market capitalization of $2.41 trillion. The Windows software maker’s shares were up 0.7% at $326.8 at a market valuation of $2.46 trillion making it the most valuable company of the year.
Though earlier, Apple spokesperson also announced slashing the production of iPhone 13 as many by 10 million units due to global chip shortage. In July, Apple forecast slowing revenue growth and said chip shortage which had started hitting its ability to sell its other products would also crimp phone production. Texas instruments also gave a soft revenue outlook that month hitting on-chip supply concerns for the rest of the year.
Meanwhile, analysts expect Apple to report revenue up 31% to 84.8 billion by the September quarter. However, about the chip shortage problem globally Intel, an American Multinational Co-operation’s CEO also warned that it won’t end until 2023.