Apple lost its throne as the world’s largest company by market value, which Microsoft removed from it on Friday, as shares of the iPhone maker fell by about two percent.
Apple suffered a $6 billion decline in sales in the fourth fiscal quarter due to persistent global supply chain problems, which led to it missing expectations from Wall Street.
And the company’s president, Tim Cook, warned that the effect would be exacerbated by sales in the current holiday-filled quarter.
Apple’s stock fell 1.8 percent to $149.80, giving the company a market value of $2.48 trillion.
On the other hand, the share of “Microsoft”, the software giant, rose 2.2 percent to a record high, recording $331.62, which ended the session by giving the company a market value of $2.49 trillion.
Microsoft’s stock has witnessed a 49 percent increase so far this year, supported by strong demand at the time of the pandemic for its cloud computing services, which boosted sales strongly. As for Apple’s stock, it has only risen 13% this year so far.