INA- Sources
Apple Inc (AAPL.O) lost its crown as the world's most valuable public company to Microsoft Corp (MSFT.O) on Friday, as the iPhone maker's shares fell about 2%.
Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter.
Apple's shares dropped 1.8% to end the session at $149.80, giving the company a market capitalization of $2.48 trillion. By contrast, shares of Windows software maker Microsoft rose 2.2% to a record high of $331.62, ending the session with a market capitalization of $2.49 trillion.
Microsoft's stock has surged 49% this year, with pandemic-induced demand for its cloud-based services driving sales. Shares of Apple have climbed 13% so far this year.
Analysts say Apple has managed the supply chain issue well, but with Cook warning of more pressure, the door is open to a hit to its performance as the holiday season kicks in.
In contrast, Microsoft on Tuesday forecast a strong end to the calendar year. But it also warned that supply-chain woes will continue to dog key units, such as those producing its Surface laptops and Xbox gaming consoles.
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