Apple is no longer the world’s most valuable company. That title now belongs to Microsoft, whose market cap rose to nearly $2.47 trillion today. Apple’s market cap stood at a smaller (but equally eye watering) $2.44 trillion this afternoon.
From CNBC’s coverage:
Apple reported revenue that fell short of Wall Street expectations during the company’s fiscal fourth-quarter on Thursday, a result of supply chain constraints. CEO Tim Cook told CNBC’s Josh Lipton the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.
IPhone sales at the company were up 47% year-over-year but also fell short of analyst expectations. The company’s fourth quarter only included a few days of iPhone 13 sales.
Apple remains notable for being the first company to reach not only a $1 trillion, but $2 trillion, market cap, the latter of which was achieved in August 2020. The company has also been receiving a lot of coverage for its new M1 Pro and M1 Max chips, which are now available in its latest MacBook Pro systems.