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Microsoft becomes most valuable company in the world as Apple shares drop

Microsoft becomes most valuable company in the world as Apple shares drop

Tech giant Apple saw its shares dip 1.8% on Friday sending Microsoft to the top as most valued company in the world, as shares rose 2.2 percent to a record high of $331.62 (roughly Rs. 24,800), ending the session with a market capitalization of $2.49 trillion compared to Apples $149.80 per share and market capitalization of $2.48 trillion.

The hit to Apple has been described as a side-effect of suply-chain shortages which CEO Tim Cook says will become more evident in the coming holiday season. Unlike it's software-focused FAANG counterparts, Apple was more dependent on hardware and so more vulnerable, he said. Meanwhile Microsoft's stock surged 49%, against Apple's 13%, this year as the pandemic has increased demand for cloud-based software computing services.

Apple, which has repurchased $421.7 billion worth of shares over the years, had announced a massive $90 billion share buyback in April. As a result, the outstanding stock pool keeps shrinking, and the company ended its fiscal fourth quarter with 16.4 billion shares.

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TAGS:Microsoft Apple Shares Company Business Economy 
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