Oct. 29 (UPI) — Microsoft Corp. on Friday surpassed Apple Inc. as the world’s most valuable U.S. company for the first time in 16 months after Apple missed sales projections because of continued supply chain issues caused by the coronavirus pandemic.
Apple shares were off 3.6% on Friday during early trading, implying a valuation of $2.413 trillion. Microsoft, in contrast, was up 0.7% for a valuation of $2.453 trillion, according to Market Watch.
It marked a return to the top for Microsoft, which had been the most valuable U.S. company before Apple overtook the software giant on July 2, 2020. Apple had remained at the top ever since until this week.
On Thursday, Apple posted $83.36 in revenue for the third quarter, up 29% year over year, but short of predictions of $84.85 billion. Sales of the iPhone rose 47% year over year but the $38.87 billion brought in was short of analysts’ expectations of $41.51 billion.
Apple was the first company to reach a $1 trillion market cap and then a $2 trillion market cap, becoming the world’s most valuable public company last year when it surpassed state-owned Saudi Aramco.